Actually, I am losing patience with Greece and with all of the hand wringing about this miniscule problem in the world. The most valuable aspect of Greece is its object lesson for us.

In response to worries about Greece, the markets pulled back today with SPX losing $16 to close at $2109 and RUT pulling back $12 to $1284. Implied volatility jumped up over a point with the VIX closing at 13.3%. Trading volume edged up but remains below average. Trading in the S&P 500 stocks came in at 1.9 billion shares, up slightly from yesterday, but below the 50 dma. Trading volume on the NYSE increased 4% and trading on NASDAQ was nearly flat with a 0.2% rise.

The final estimate of first quarter GDP was released today at -0.2%, an improvement from the earlier estimate of -0.7%. We will get the first estimate of second quarter GDP growth on July 30th.

I closed our July iron condor on RUT today for a net gain of 19%. Our Flying With The Condor™ trade alert service now stands at a gain of 28% year to date, compared with +2.4% for the S&P 500.

Our watch of the Greek tragedy continues tomorrow (ironic that we know the ancient Greeks for those plays).