The markets opened up positively this morning, probably reflecting some bargain hunting and maybe reacting to a weaker dollar. But the dollar remained weak as the market traded off this afternoon. SPX ran as high as $1277 and then as low as $1266 before closing at $1227 for a gain of less than one dollar. RUT traded down $2 to close at $777. Trading volume dropped from Friday with 2.7 billion shares of the S&P 500 trading, well below the 50 dma. Trading volume dropped 11% on the NYSE and dropped 7% on NASDAQ.

No economic data was reported today; the PPI and retail sales reports are due tomorrow.

My July iron condor on RUT at 700/710 and 880/890 stands at a P/L of +$1,180 with delta = +$40 and theta = +$77. My Aug iron condor on RUT at 670/680 and 890/900 stands at a P/L of +$820 with delta = +$19 and theta = +$38. It is fun to be trading delta neutral in a choppy sideways market such as this, but I am remaining on high alert for a sudden move lower. Nearly all of the technical indicators are signaling "oversold" but that is precisely when the market surprises you and goes the other way.