Traders were focused on the European Union Summit today, and the markets gyrated back and forth as a result. No clear plans were forthcoming, so traders took varying positions. The markets opened positively but then sold off. But buying resumed in the afternoon and the markets closed with modest gains. SPX gained $13 to close at $1242. RUT closed at $727, up $14. Trading volume was up with 3.7 billion shares of the S&P 500 trading (50 dma at 3.6B). Trading was up 9% on the NYSE and was up 20% on NASDAQ.

New home sales increased 17k to 313k for September. But durable goods orders dropped 0.8% in September, a larger loss than the previous month's 0.1% decline.

My Nov iron condor on RUT stands at P/L of -$340 with delta = -$87 and theta = +$192. As it becomes more clear that a quick fix isn't coming out of Europe, will traders turn their attention elsewhere, or will we continue to "muddle along"?