Pre-holiday sessions rarely deliver conviction and today was no exception. We spent the morning looking pretty soft before some diplomatic signals out of the Middle East helped trim the losses. By the bell the tape was basically flat, which feels about right given everyone is wary of fresh Iran headlines over the break.

The Dow gave up 61 points to close at 46,504.67. Nothing dramatic. The S&P 500 still managed to squeeze out an 0.11% gain while the Nasdaq finished up 0.18%. Tech held in there better than the broader index, but nobody was exactly pounding the table either way.

That's the thing with these long weekends when tensions are elevated. Traders aren't rushing to add risk. The relief rally from the Middle East news was enough to prevent a nasty close but not enough to spark any real buying. Light volume, lower conviction, classic positioning ahead of four days where anything can pop up in the headlines.

Second-order read: if we get any escalation over the weekend the gap risk on Tuesday open could be real. If it stays quiet, we might just grind on the same themes we've been watching for weeks. Either way, most desks I know are playing it small into the close.

What are you guys doing? Sitting on hands or positioning for whatever comes out of the holiday lull?