The markets traded upward today, albeit on very low volume before the holiday weekend. SPX closed up $5 at $1331 and RUT closed at $836, up $5. Only 2.1 billion shares of the S&P 500 stocks traded today. Trading was down 19% on the NYSE and down 13% on NASDAQ. The last several sessions of trading are about to penetrate the upper band of the downward trend formed since early May. Next week will tell the tale.

The Consumer Sentiment Survey from the University of Michigan came in at 74.3, better than analysts expected (up from 72.4 last month). Pending home sales dropped 11.6% in April, a big change from March's 4% increase, but the markets didn't seem too concerned.

My June iron condor on RUT stands at a P/L of +$2,216 and delta = -$27 and theta = +$53.

Enjoy the holiday weekend. The markets will be closed on Monday and the blog will return Tuesday.