As expected, concerns about the European debt crisis resurfaced today. SPX lost $16 to close at $1250. RUT also lost $16 to close at $735. Significantly, SPX closed about $1 off its low of the day - a very bearish sign. Trading volume was up a bit from yesterday but still down significantly from the averages. Only 1.7 billion shares of the S&P 500 traded; trading volume on the NYSE increased 8% from yesterday's low numbers and NASDAQ increased 13%. The S&P 500 closed 2010 at $1258, so today's action took SPX back underwater for the year. It appears the Santa Claus rally didn't last very long.

No significant economic data was reported today, but unemployment claims and the Chicago PMI will be reported tomorrow.

My Jan RUT iron condor stands at a P/L of +$800 with delta = -$75 and theta = +$241. The Feb RUT condor has a net gain of $540 with delta = -$11 and theta = +$74. The Feb position is nearly delta neutral but has a long way to go before we can celebrate victory. If I can nurse the Jan condor into next week, I will be tempted to take my gains and run.