The markets opened strong this morning on the news of the Greek debt swap deal being completed. Traders pulled back a bit this afternoon when it was announced that the Greek debt swap would qualify as a "credit event" for purposes of triggering the credit default swaps. SPX ran as high as $1375 before pulling back to close at $1371, up $5. The recent high close for SPX was $1374 on March 1. RUT closed up $11 at $817. This strong run by Russell put it back into its February trading range; although RUT still lags SPX, today's strong action helped close the gap. Trading volume was largely flat with 2.6 billion shares of the S&P 500 trading; trading volume was unchanged on the NYSE and was down 2% on NASDAQ.

The jobs report was viewed positively by most analysts with the addition of 227k jobs, although that was below last month's 284k increase. Unemployment remains at 8.3%.

I closed the 860/870 calls in the RUT Mar iron condor position today based on my two sigma rule. Assuming the 730/740 put spreads expire worthless next weekend, that will result in a gain of $3,410 on 20 contracts or a 20.2% return on capital at risk. This brings the year to date return on the Flying With The Condor™ portfolio to 17%. The Apr iron condor position at 700/710 and 910/920 stands at a P/L of +$1,320 with position delta = +$6 and theta = +$50.

Have a great weekend.