The markets opened very strongly this morning on news that China might allow its currency to float more freely on the world markets. But it was a short-lived rally. After running as high as $1131, the SPX pulled back to close down $4 at $1113. Similarly, RUT appeared to be finally breaking above resistance at $670 and traded up to $677 before pulling back to $660, down $7 on the day. It appeared that the strength of the U.S. dollar versus the Euro pulled the U.S. stock markets back from their gains. Trading volume was down across the board with a 30% drop on the NYSE and a 4% drop on NASDAQ. Trading in the S&P 500 stocks dropped to 3.5 billion shares, well below the 50 dma at 5 billion shares. The SPX traded down through the 200 dma at $1111, but recovered to remain in the tight trading range of the past several sessions. The Russell 2000 Index (RUT) also remains in a tight trading range, unable to break through $670 to the upside.

My July iron condor on RUT stands at a P/L of +$2,480, delta = +$9, and theta = +$37. I will be looking for an opportunity to close this position and confirm most of the potential profit for July.