Trading volume was very light today, dropping over 38% on the NYSE and volume was down 48% on NASDAQ. Trading in the S&P 500 stocks dropped from about 5.5 billion shares on Friday to 3.5 billion shares today, well below the 50 dma. Initially, it appeared that news from the G-20 summit would be reassuring to investors and the European markets did trade up today. U.S. investors had some good news with personal income rising 0.4% in May while personal spending rose only 0.2%. But the U.S. markets traded largely sideways and downward on very low volume. RUT dropped $4 to close at $642 while the SPX gave up $2 to close at $1076.

I established my Aug iron condor on RUT last week at 550/560 and 730/740 for a total credit of $4,600 on 20 contracts. At the close today that position remains near breakeven with position delta = -$7 and theta = +$79. This market appears to be locked into a sideways trading range for the time being - perfect for delta neutral trading strategies. But it is a nervous market. Watch your positions closely.