Today's trading was subdued and lacked much direction. SPX traded down as low as $1412 but recovered in the afternoon to close unchanged at $1418. RUT lost $3 to close at $817. Volume pulled back with 2.1 billion shares of the S&P 500 stocks trading; trading volume dropped 19% on the NYSE and dropped 11% on NASDAQ.

No significant economic data was released today. Some news stories over the weekend were a bit negative on the European debt situation. Perhaps that affected today's markets. More likely the markets are just taking a breather after a strong bullish run. Today's trading certainly was bullish, in my opinion. After trading down a bit (but not very far), the bulls brought the markets right back up near or at the starting point. Maybe a pullback is in the cards in the near future - certainly several technical indicators are looking much more over-bought. But so far, the bulls remain in control.

My Sept iron condor on RUT at 650/660 and 850/860 stands roughly at break-even with position delta = -$131 and position theta = +$99 (on 20 contracts).