A pullback in the dollar and rumors speculating about a bailout for Greece resulted in a strong open this morning and then a wild ride in choppy action the rest of the day. RUT ended the day at $595, up almost $9. The S&P 500 gained almost $14 to close at $1071. Of course, the question on everyone's mind is whether the correction has ended or more pain remains. And you can get all kinds of answers to that one. Just reading the price charts, both RUT and SPX are in what I would call "no man's land" - an area with few strong support levels to assure us of stability. In the case of RUT, we are right in the middle of that area of churning for RUT back in November before the breakout in December. SPX broke a significant level of support at $1073 last week, and the next solid support level is down at $1030, which, coincidentally, represents a correction of about 10% from the highs in January.

Our RUT iron condors are faring well amid all of this consolidation, now that we have repositioned them. The Feb position now stands at +$2,274 with a position delta of +$17, and theta = +$135. The put spreads are now > two standard deviations OTM and the call spreads are just inside two standard deviations. My Mar condor is essentially at breakeven with delta = -$53 and theta = +$110. The short $640 calls have a delta of 16 and stand just inside one standard deviation. Without much economic news this week, the market is likely to be pretty choppy as rumors have more of an effect than usual.