Many traders have already left the offices for the Thanksgiving holiday, so the trading volume dropped off markedly today. However, markets traded upward modestly. SPX closed up $3 at $1391. RUT ran up $5 to close at $798. VIX increased slightly to close at 15.3%.

SPX broke through and closed above the 200 dma Monday, then dropped below the 200 dma yesterday but rallied to close above the 200 dma. Today SPX opened at yesterday's close and traded up slightly. The point of this review is this: the 200 dma has been decisively broken, but a bigger question remains. Has this recent down trend been reversed? I'm not so sure. The real test will come after the holiday weekend. Each trading session this week has been on successively weaker volume.

My December iron condor on RUT stands at a P/L of +$400 (+2%) with delta = -$111 and theta = +$110. The 830 call is now at a delta of 16, so we are nearing a decision point on adjusting this condor position. The exchanges will be closed tomorrow and open for half a day on Friday. We will have a better sense of where this market is going next week.

Enjoy the holiday weekend with your families as you focus on your many blessings.