The Labor Department started the markets off on a positive footing this morning by reporting initial unemployment claims fell by 14k to 442k this past week and continuing claims fell from 4.702 million to 4.648 million. Much of the news early in the day was optimistic about plans for bailing out Greece's fiscal mess, but as the day wore on, skepticism about the details of the plans grew and this took the euro down and strengthened the dollar, reversing the market's earlier gains. Trading volume was up about 11-12% on the NYSE and NASDAQ. RUT closed down almost $5 at $679 after running as high as $693. SPX followed a similar pattern, closing at $1166, down $2.

This type of wide market swing makes life difficult (and costly) for the delta neutral trader. I was forced to enter an adjustment for my April iron condor position this morning, but then took it off before the market closed this afternoon. That cost me about $300 on a 20 contract position. But that is the cost of insurance. If you are looking for the silver lining in this market action, it certainly isn't boring!