The markets all continued to rally upward today, with the Russell 2000 index, RUT, closing at $509.18. I will be watching to see if this rally is strong enough to break recent levels of resistance: the first is around $515 (RUT hit $512 on May 8 and $519 on January 6), and $536 was the recent high set on June 5. Breaking previous levels of resistance is one of the signs of a strong rally.

I have closed all of my positions at this point except the July iron butterfly on RUT at 450/480 and 530/560. It currently stands at about $1,400 of profit, delta = - $40 and theta = $151. Our theta/delta ratio remains above 3:1, a good spot. So we will continue to hold this position.

I will be looking to establish my August iron condors tomorrow morning.