The big news this morning was the news that a settlement had been reached to secure the bail-out for Greece. The market opened weakly higher and then gave that up and dropped underwater for most of the day. The markets recovered somewhat in the last hour, enabling most of the major market indices to close in the black, but barely. SPX gained $1 to close at $1362. RUT closed down $5 at $823. Trading volume dropped off from yesterday with 2.7 billion shares of the S&P 500 trading today; trading on the NYSE dropped 13% and volume dropped 7% on NASDAQ.

The only significant economic news of the day was the Greek debt settlement, and apparently that is baked into the current prices. An alternative explanation is the reality that a long term settlement to Europe's sovereign debt problems is far from settled. After all, this deal has to get through the German parliament, among other hurdles. And Greece isn't the only country in trouble.

My Mar condor on RUT stands at a P/L of -$910 with position delta = -$19 and position theta = +$151 (on 20 contracts). This position is still hedged and the theta/delta ratio is very strong.

I am at the Traders Expo in New York and it has been great to meet many of you face to face. Thank you for looking me up at this conference.