I was surprised we finally had a bit of a pullback in the markets, but it was very brief. SPX gained everything it lost yesterday, closing at $2067, up $13 (it lost $14 yesterday). RUT wasn't quite so strong with a gain of $14 to close at $1168. Volatility backed off a bit with the VIX losing almost one and one half points to close at $12.9%. Trading volume dropped off a bit from yesterday with 2.1 billion shares of the S&P 500 stocks changing hands. Trading volume on the NYSE dropped 12% and declined 3% on NASDAQ.

The only economic data today was a report on construction spending, up 1.1% for October, a nice improvement after the 0.1% drop in September.

My December iron condor on SPX remains hedged to the hilt and thus far, that is holding the net loss (assuming we closed today) to about -5%. I have not sold the put spreads for the January position; I considered it yesterday, but thought we might see more weakness before the market resumed its march higher.

The FOMC's Beige book will be released tomorrow. We may have some volatility surrounding that announcement.