Economic news and earnings reports have dominated this week's action; with GDP report due out Friday morning.
The GDP report due out at 8:30 est. Friday morning can often move the market, much like so many other economic news events. Because of this report, we will delay entering the SPX weekly Iron Butterfly for the May 1 cycle until Friday. I will most likely wait until towards the end of the day on Friday before entering.
Trade recommendations for position entry will be posted tomorrow. As always, caution is advised, as there have been multiple standard deviation moves on a more frequent basis. The general guideline remains in place that if SPX moves up or down a one day standard deviation (approximately 11 points), the trade should not be entered.
For those following the May RUT position, it is recommended that if RUT is above 930 after the first hour or so of trading, to roll up the call spreads 20 points as outlined in my post yesterday.