RUT July Iron Condor may reach the second downside adjustment trigger point of 1270.

From the look of futures as of this writing, today's selloff over the looming deadline in Greece may put the July RUT position at the second downside adjustment point of 1270.

A recap of the current position and suggested adjustment follows:

Original position opened Monday, June 22 :

- SOLD RUT July 1290 Call, 17.75 credit.

- BOUGHT RUT July 1340 Call, 1.05 debit.

- SOLD RUT July 1290 Put, 16.40 credit.

- BOUGHT July 1240 Put, 4.90 debit.

Order was filled as an "Iron Condor" for $28.20 net credit (all four legs).

Additional Order to cut Deltas on upside:

BOUGHT RUT June 1340 Call

Order for extra long call was filled for $1.30.

Downside Adjustment made Friday, June 25:

BOUGHT RUT July 1290 Put, 25.10 debit.

SOLD RUT July 1240 Put, 8.00 credit.

SOLD RUT July 1270 Put, 16.10 credit.

BOUGHT July 1220 Put, 5.00 debit.

Net debit (all four legs): $6.00

Next Downside Adjustment Trigger:

The guidelines call for the threatened side to be rolled 20 points if it appears that RUT will close below 1270. This can be accomplished with one order: "BUY Condor"; in this case all Puts. The adjustment will be:

BUY RUT July 1270 Put.

SELL RUT July 1220 Put.

SELL RUT July 1250 Put.

BUY RUT July 1200 Put.

This adjustment would put the short put strike at 1250, and the short call at the original 1290 strike. The resulting position will be a 40 point wide Iron Condor.

It is recommended to adjust the position before the close today if it appears that RUT will close below 1270. Actual fill prices will be posted if the adjustment is executed.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin