I don't know about you, but I was expecting something dramatic after the Greek elections, but the market shrugged it off. SPX opened at Friday's close (first surprise), traded downward to about $1334 and then slowly strengthened to close at $1345, up $2. RUT closed up $1 at $772. Trading volume fell markedly from Friday with 2.3 billion shares of the S&P 500 trading. Trading on the NYSE was down 39% and volume was down 2% on NASDAQ. There wasn't any significant economic data reported today, so attention remains focused on Europe's economic crisis. Today was the second close above resistance on SPX at 1335-1340. Even more surprising, VIX fell almost three points to 18.3%. I don't quite understand it, but apparently, the crisis is over.

This bullish momentum may be based on a presumption of some type of assistance from the Fed and that announcement is slated for Wednesday afternoon. Could the markets pull back then if that "gift" isn't delivered? It's a dangerous market. I think the best strategy is to play it based on an assumption of a trading range for the time being. In any case, it can turn on a dime. Be careful.

The drop in volatility helped my July iron condor on RUT. It now stands at a net gain of +12% with delta = -$22 and theta = +$53. So now we watch for Bernanke before returning our attention to Europe.