The RUT continues to see rising prices and shrinking volatility. The VIX is now in the mid-20's which is almost back to "normal" (whatever that is). All of this, of course is bad for our calendar trade. Today prices flirted with my adjustment point (about 520), but shrank back to 518 before the close. I would love to make it through tomorrow and collect my holiday weekend's worth of Theta, but it's looking more likely that I will need to adjust. If so, we'll drop off the lowest strikes and add them somewhere above 520. Here is the current picture, and I'm sure you can see the problem.

By the way, you're not likely to here from me over the holiday... I've got family coming into town and will be taking a little breather.

Good Trading...