The markets bounced back a bit from yesterday's excesses. SPX gained $11 to close at $1240. RUT gained $7 to close at $725. So the $1220 support level on SPX stills holds; perhaps the new trading range is $1220 to $1290. The VIX pulled back to close at 33% today, not quite in bullish territory, but certainly "talked back from the edge". Trading volume fell off with 3.1 billion shares of the S&P 500 trading today; volume dropped 17% on the NYSE and dropped 12% on NASDAQ. It seems like we will remain trapped in these volatile trading ranges as long as the drama in Europe continues.

My Nov condor on RUT stands at a P/L of -$680 with delta = +$38 and theta = +$330. the Dec position stands at -$320 with delta = -$19 and theta = +$110. All of this volatile trading back and forth based on the latest news or rumors from Europe is painful for stock traders and directional options traders. But it works wonders for non-directional options spreads.