The market bullishness of Friday didn't continue into today's trading, but it certainly didn't sell off either. SPX opened at $1409 and traded as low as $1398, but recovered much of that loss to close at $1406, down $3. RUT gained $2 to close at $809. The VIX stands roughly unchanged at 15.5%.

SPX has been trading upward for the last several sessions, although we appear to be bumping up against resistance at $1410; that level served as solid support in late October before the plunge after the election broke through to the downside. It is difficult to draw a good trend line on this chart. Even though the last several sessions have been very bullish, I am cautious. The potential for negative news out of either Europe or D.C. is very high. In my opinion, this market is on thin ice.

We didn't have much in the way of economic reports today, which may have accounted for the lack of direction in the markets. Durable orders and Case Schiller both report tomorrow.

My Dec iron condor on RUT stands at a P/L of -$1,170 or -6% with delta = -$117 and theta = +$95. I hedged this position during Friday's strong move upward. Given the economic situation facing us, it is surprising that I am hedging call spreads.