The markets continued to follow the Greek drama this morning and markets opened up lower and traded lower. But similar to yesterday, the market averages regained most or all of their losses by the end of the session. SPX closed up $3 at $1347 and RUT closed down $1 at $827. Trading volume rose a bit from yesterday at 2.7 billion shares of the S&P 500, but remains below the 50 dma at 2.9B. Trading volume rose 6% on both the NYSE and NASDAQ. I am impressed by the resilience of the bulls in this market. I had imagined after such a strong January, that any hesitation might lead to a round of profit-taking, but that hasn't been the case. Trading volume remains low which suggests a lot of spectators on the sidelines. But none of the news thus far has resulted in any panic selling.

The only economic data forthcoming today was Consumer Credit from December, $19.3 billion. Analysts were surprised; they had estimated $8.5 billion - that doesn't seem to indicate that we have learned our lesson!

My Feb condor on RUT stands at a P/L of -$1,070 with delta = -$49 and theta = +$328. The Mar iron condor is also underwater with a P/L of -$2,090 and delta = -$24 and theta = +$78. Both positions are hedged with long calls in Mar and Apr. And I rolled my Feb 840/850 call spreads up to 850/860. Many technical indicators are flashing "overbought", but the bulls seem to be firmly in control of this market thus far, containing any selling efforts to result only in the slight pause of the past couple of days. Several analysts that I respect have been predicting a correction, but so far, the bears can't seem to hold a down market into the close.