European finance ministers rejected Greece's austerity plans today, making it more likely that Greece will default on their bonds. The markets took it badly. SPX lost $9 to close at $1343 and RUT closed at $813, down $12. But this wasn't the panic selling one might have expected; trading volume actually dropped from yesterday with 2.7 billion shares of the S&P 500 trading. Trading volume dropped 2% on the NYSE and dropped 18% on NASDAQ. VIX spiked upward two points to close at 20.8%.

The University of Michigan consumer sentiment survey reported 72.5 for February, down a bit from January's 75.0.

My Feb RUT condor stands at a P/L of +$460 with delta = +$15 and theta = +$354. My Mar RUT position stands at -$1,460 with delta = -$64 and theta = +$138. I removed the call hedges from the March position today. The Feb condor is nearly perfectly delta neutral and theta is building rapidly.

Enjoy your weekend. It looks like I will be shoveling snow this weekend in Chicago.