The markets bounced back from yesterday's disaster caused by Greek politics. SPX closed up $20 at $1238 and RUT gained $19 to close at $733. RUT completely recovered all of yesterday's losses while the SPX recovered a majority of the losses. Trading volume dropped off significantly with 3.1 billion shares of the S&P 500 trading. Trading volume dropped 29% on the NYSE and dropped 16% on NASDAQ. I would use yesterday's close on SPX at $1218 as the support level to watch as we continue watching this European sovereign debt comedy of errors.

Many analysts were watching for something new in the FOMC report and Bernanke's news conference, but those were pretty much non-events. The Fed doesn't foresee worsening economic conditions, but they see very slow recovery and remain committed to an easy money policy. ADP reported 110 thousand new private sector jobs in October, but this was below analyst estimates.

My Nov RUT condor stands at a P/L of -$3,940 with delta = -$23 and theta = +$306. That huge theta should start to work our position into the black. The Dec RUT condor stands at a P/L of -$1,060 with delta = -$31 and theta = +$97.