The market opened in positive territory and chopped sideways most of the day, but preserved modest gains into the close. Trading volume dropped significantly from expiration Friday. The holidays have clearly begun, but market gains continued. SPX closed at $1247, up $3 on the day. RUT also closed up $3 at $782. Only 2.9 billion shares of the S&P 500 stocks traded today; the 50 dma is 3.7 billion shares. Trading on the NYSE dropped 45% and volume dropped 30% on NASDAQ. No significant economic news was reported today. Housing stocks are trading higher, anticipating the home sales report on Wednesday. Energy stocks also did well today, based on stronger oil and gas commodity prices.

My Jan SPX iron condor at 1150/1160 and 1300/1310 stands at a P/L of -$1499 with position delta = -$52 and position theta = +$98. This condor is well positioned with the deltas of the short options at 11 to 12 each and a theta/delta ratio of about two to one.

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