Today, the markets largely traded sideways on lower volume. This is typical of shortened holiday weeks on Wall Street; the exchanges are closed Friday for Independence Day, and many traders take off a few days early for the holiday. Of course, this environment is perfect for our nondirectional trading strategies that benefit from time decay.

The RUT closed at $510.61. Our July iron butterfly stands at a $2500 gain, delta = -$45 and theta = +$161, so this trade is in good shape and no action was necessary.

Our Aug iron condor stands at a minimal gain of +$220 (This is really irrelevant at this point since we are only a few days into this trade), delta = -$42, and theta = +$85. The delta of our short options are at -11 for the $430 puts and +12 for the $570 calls, so no adjustments are called for as yet.