The markets opened down this morning and chopped sideways throughout the day on lower volume. RUT closed down $6 at $656 while the SPX lost $5 to close at $1120. Trading volume was flat to lower with 3.3 billion shares of the S&P 500 stocks traded, well below the 50 dma. Trading on the NYSE was down 2% while it was up 3% on NASDAQ.

Personal income and expenditure numbers came in flat for June while factory orders dropped 1.2%. Pending home sales dropped 2.6% in June. None of these reports were terrible, but it didn't paint a picture of a strong recovery either. Either this mediocre economic data discouraged traders or they were simply taking some profits after the recent gains. Either way, it made for a low volume, mostly down trading day.

My Aug condor remains at a tipping point with the delta of my short $680 calls at 26. Position delta = -$114 and theta = +$172, so time is starting to work for us in this position, but a strong move upward will close the trade. Even if RUT continues to wander sideways, the maximum profitability of this position is only about $500. Our multiple adjustments this month have kept us out of trouble, but have also worn down our maximum gains. The Sept condor has moved into the black with delta = -$18 and theta = +76.

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