It was only one week ago that we noted that SPX had bounced off support at the 50 dma; then SPX headed back up and challenged earlier highs around $1465. But that challenge failed and led to the huge decline Friday, closing at the 50 dma. Then SPX traded down as low as $1422 today before clawing its way back to close near the 50 dma at $1434. It was a quick round trip. SPX closed at $1434, up $1 and RUT closed at $821 down less than a dollar. If you look at the one minute chart, you will see that the last hour of trading saved the day for SPX. It appears we are trading in the $1430 to $1465 range in roughly one week cycles back and forth. Perhaps this is the pre-election dance?

Trading volume dropped off dramatically with 2.4 billion shares of the S&P 500 trading; trading on the NYSE declined 30% and volume dropped 26% on NASDAQ.

My Nov iron condor stands at a P/L of +$1,500 with position delta = +$48 and position theta = +$60. It will be interesting to watch AAPL this week through both a new product launch and an earnings announcement. After hitting that low at $610 Friday, AAPL was up over $24 today. And analysts wonder why individual investors are hiding under the bed?