Markets traded higher today, but couldn't hold those highs. SPX closed at $1615 for a gain of $9 after trading as high as $1627. RUT closed up $12 at $990. Trading volume was off significantly with only 2.1 billion shares of the S&P 500 stocks trading. Trading on the NYSE dropped 26% and trading volume on NASDAQ decreased 38%. I guess traders are taking off early for the holiday.

I was impressed with the strength of SPX this morning as SPX broke through the 50 dma at $1623, but it couldn't hold. Traders took their profits and pulled it back to $1615. The extremely low trading volume makes drawing conclusions difficult. Intraday volatility remains a common characteristic of this market. The sell-off this afternoon may suggest a larger number of traders who are concerned about losing their gains in this strong market. This will be an unusual week with a holiday Thursday and then the jobs report Friday morning. I'm not sure what to expect.

My July condor on RUT stands at a net gain of $2,660 or +16% with delta = -$10 and theta = +$67.