The recent story in the markets has been the last minute rushing in by the bulls to recover much, if not all, of the market's losses. But today's charts were quite different - the market indexes basically trended downward all day. If you can believe the talking heads, traders are losing faith in Uncle Ben coming to the rescue. 

SPX lost $11 today to close at $1402 while RUT closed at $806, down $7. SPX has broken that $1405 support level that it struggled to break through when it was resistance on the way upward. RUT appears to have stopped just above the $800 - $805 support level. CNBC appears to have found all the bears to interview the last few days. Suddenly, we are hearing all the reasons why the Goldman forecast of $1250 is probable, why a recession is coming and so on. As those of you who follow me know, I see many reasons for this market to be trading sideways at best and have been very skeptical of this rally. But sometimes it just seems like media in general think we are all adolescents with 30 second attention spans.

VIX moved up one percentage point to 16%, so nothing earth shattering is happening on the volatility front.

My Sept iron condor stands at a P/L of +$180 with delta = -$82 and theta = +81. So my call spreads remain under pressure while the put spreads are nearly worthless. It is tempting to roll them up, but what if the gloom and doom crowd is right?