SPX set a new all-time high Friday on low trading volume, so I was anxious to see what might happen today: fall back below $1800 or head higher? It wasn't either; SPX lost only $2 to close at $1802. RUT was unchanged at $1125. Trading volume also remained low with 2.0 billion shares of the S&P 500 trading. Trading rose 3% on the NYSE and rose 4% on NASDAQ. So, you have a choice of how to interpret the data. If you are a convinced bull, then we are just taking a breather and you would note that SPX remained above the pivotal $1800 mark. But if you are a skeptic or outright bearish, then you hang your hat on the low levels of trading volume. It is hard to be too enthusiastic about break-outs on low volume.

I saw a survey this morning that showed 51% believing the Dow will break $17,000 before year-end - Wow! Is that a classic contrarian signal?

The pending home sales were reported as declining 0.6% in October, which probably is pretty normal for this time of year. And it is a big improvement over the 4.6% decline in September. Tomorrow brings the building permits report, the Case Schiller Housing Price Index and consumer confidence.

My Dec condor is plodding sideways with a net P/L of +$600 or 4.3% with position delta on 20 contracts of -$140 and position theta of +$155.