The long awaited pullback occurred or simply continued today and analysts attributed it to concerns that an orderly default of the Greek bonds won't be able to occur. It appears that very few of the current bondholders have agreed to the terms of the bailout engineered by the ECB. It seems surprising to me that the attitude of traders appears to go hot and cold on whether a Greek default matters. Perhaps the talking heads just have to have some explanation for the decline. SPX lost $21 to close at $1343. SPX hit support at $1340 intraday, but bounced back up. RUT broke through its 50 dma and closed at $787, losing $17. Trading volume popped up with 3.0 billion shares of the S&P 500 trading; trading on the NYSE increased 23% and volume rose 11% on NASDAQ.

No significant economic data was released today. The VIX spiked up to 21% today. In the larger scheme of things, that isn't that high. VIX remains well within the range of the past month or two.

My Mar iron condor on RUT stands at a P/L of +$2,430 with delta = +$52 and theta = +$170. The call spreads are now over two standard deviations OTM and the puts are just inside two standard deviations OTM, so this position remains very solid. The Apr iron condor on RUT stands at a P/L of +$220 with delta = +$38 and theta = +$45. The Apr 700/710 put spreads are still well over one standard deviation OTM, but are starting to feel some pressure as RUT drops. So now we wait to see what traders worry about tomorrow.