New market highs were set again today with the major indexes having positive gains for five days in succession. But these highs are being set on very low volume; less than 300,000 shares traded on the NYSE where the average this year has been around 1.4 billion. But today was a shortened holiday trading session which accounts for some of the low volume. The jobless claims number fell more than expected and this probably fueled some of the move. RUT closed at $634, up around $3, while the SPX closed up almost $6 at $1126.

I closed the 510/520 put spreads of my Jan 510/520 650/660 condor for $0.20, a gain of $1800. Now I just have to manage my call spreads that are in trouble; the Feb 630 calls will hedge the position for the time being before I am forced to close the call spreads or roll them up (but I am running out of time). This condor now stands at a net P/L of -$670, delta = -$121 and theta = +$81. My 570/580 and 630/640 condor stands at a P/L of -$1385, delta = -$52 and theta = +$30. My modeling software suggests I can hold my loss on this position to around $2000 or less into the neighborhood of RUT = $648 to $650. That would represent a loss of about half of my potential profit. That's my target.

The big question is what happens next week when all of the traders return to the floor? Will they continue this strong bull run of the past several sessions?