The markets opened downward this morning, but recovered quickly and just traded sideways most of the day. But someone pulled the switch around 2 pm ET and the markets headed south. SPX bounced off $1310 a few minutes before the close. SPX lost $8 to close at $1316. RUT closed at $754, down $7. SPX is caught in a tight trading range of about $1310 to $1325. My guess is that trading range will hold the balance of the week as traders wait for the Greek election results this weekend.

Trading volume was flat with 2.5 billion shares of the S&P 500 trading (fourth day in succession right at 2.5B). Trading on the NYSE was down 2% and trading volume was up 1% on NASDAQ.

The VIX jumped two points today and closed at 24.2% - it's going in the wrong direction!

My June iron condor on RUT stands at a net gain of +$1,840 with delta = +$12 and theta = +$271. Unless we get a $25 point decline tomorrow, I will allow these spreads to expire worthless this weekend. The July condor is up $1,380 with delta = -$1 and theta = +$65. So the recent market swings back and forth have left this position perfectly delta neutral. The 610/620 put spread is over two standard deviations OTM and it is tempting to roll it up, but there is just too much uncertainty in the market. It is comforting to know those spreads are that far OTM.

We'll see what tomorrow brings, but I doubt we will see any big moves until next week, after the Greek elections. The increasing VIX suggests traders are apprehensive about what next week will bring.