The Euro Watch continues. After being obsessed with Greece for so long, what do we do when it appears Greece is getting its act together? We shift our focus and worries to Italy. It appears that traders have now discounted the prospect of a double dip recession in the states and that has moved us out of the trading range we have been stuck in since early August. But now our Euro focus has shifted to Italy. So we will likely to trapped in another sideways trading range, just slightly higher than the last one. SPX closed at $1261, up $8 while RUT lost $1 to close at $745. Trading volume declined with 2.6 billion shares of the S&P 500 trading today; trading dropped 6% on the NYSE and dropped 11% on NASDAQ.

No economic data was reported today - not that anyone would pay any attention to it. We are too busy listening to every rumor coming out of Europe - quite a change for us normally provincial Americans. A few months ago, very few of us could have named the leaders of France or Germany, much less Greece.

My Nov iron condor on RUT stands at a P/L of -$2,340 with position delta = -$62 and position theta = +$473. The Dec condor stands at a P/L of -$940 with position delta = -$47 and position theta = +$112.