Traders were focused on Greece today, but the prevailing assumption is that Greece will be bailed out, so trading was generally positive, although the volume appears timid. SPX closed at $1296, up $17 and RUT gained $18 to close at $806. Trading volume was up from yesterday's low numbers but remains below long term averages. Trading in the S&P 500 came in at 2.7 billion, well below the 50 dma, while trading volume on the NYSE was up 8% from yesterday and, likewise, volume was up 14% on NASDAQ.

All eyes were focused on whether the Prime Minister of Greece would succeed in receiving his vote of confidence in the parliament. The fact that he did should boost the markets tomorrow, barring some contrary overnight news.

My July iron condor on RUT is now up $2,720 with delta = +$6 and theta = +$59. The Aug condor stands at a P/L of +$360 with delta = -$34 and theta = +$71. Now we watch for the FOMC policy statement tomorrow for any clues on the economy.  The future direction of the markets is anyone's guess at this point. If the Greek debt problem receives sufficient resolution to get it off of the front page, then the upcoming earnings announcements will take over as the weather vane for the market. Of course, that assumes our own government can resolve our debt problems. Maybe that takes over on the front page.