The market opened weakly this morning, based on worries out of the Euro Zone. The Greeks were rioting in the streets, protesting the government's austerity measures necessary to receive their bail out funds. Meanwhile, yields on Spanish bonds exceeded 6% as investors worry about that economy needing a bail out as well. New home sales here in the states didn't help. They came in at an annualized rate of 373k; that was a 0.3% decline from July and analysts were expecting 380k.

SPX dropped as low as $1431 by mid-morning, but then struggled back upward a bit to close at $1433, down $8. RUT dropped $5 to close at $834. SPX now stands where it was after Draghi's press conference on Sept. 6 and before Bernanke's QE III announcement Sept. 13. After the run up on 9/6, SPX established support at $1430; today's action appeared to suggest that the $1430 support level held.

If the rally since early June is based on quantitative easing and now the consensus is turning to a conclusion that the Fed is out of ammo, and worries about Europe are returning, then we have a lot of ground that could be lost. Maybe that Goldman Sachs prediction around $1285 isn't that far off after all? That could be ugly.

I hedged my October iron condor on RUT today and it stands at a P/L of -$1,095 with position delta = -$7 and position theta = +$32. The small delta reflects the effects of the hedge, but you will see that theta was also reduced - that's the trade-off. But amid all of the worries in this market at this time, having such a small delta is comforting.

Be careful out there.