The markets were open today, but very few people showed up to trade. SPX was in the black most of the day, but ended up closing at $1265 for no change on the day. RUT gained $3 to close at $751. Only 1.5 billion shares of the S&P 500 traded today; the 50 dma is 3.1B. Trading volume on the NYSE was up 2% and down 1% on NASDAQ. Interestingly, the VIX was up over one point to close at 21.9% and this rise occurred while the market was up this morning.

The Case Schiller home price index came out with a 3.4% decline in October, but consumer confidence jumped to 64.5 (up from the previous 55.2). Minimal news came out of Europe, which contributed to the market's lackluster pace.

I opened a new January iron condor on RUT last week, positioned tighter than normal at 670/680 and 770/780. This position stands at a P/L of -$400 with delta = -$111 and theta = +$175. My Feb RUT 590/600 and 840/850 condor stands at a P/L of +$160 with delta = -$34 and theta = +$79. Both positions contain 20 contracts. Absent any compelling news from Europe, we may see more slow, low volume days like today before we return to normal after New Year's.