SPX Weekly Open Positions will be closed before the end of Tuesday.
As I noted in my weekend update, and was outlined again in the nightly market wrap newsletter, the mid-week economic news "could" be the catalyst to cause the market to break down, or move sharply higher. The news begins Wednesday morning at 8:15 am with the ADP Employment report, continues at 8:30 with the GDP report, and culminates with the FOMC announcement at 2 pm.
The two open weekly SPX positions - put credit spread and iron condor - for the August 1 cycle, will be closed before the end of the day today. We will look for some theta to accumulate during the day and exit the positions as close to target as possible. However, in such a news-driven market, any gain will be gladly accepted in order to eliminate the risk of a sudden move against the positions tomorrow.
Closing details will be posted later today.
We will not enter any new positions until Friday, after the monthly Non Farms Payroll report, and only if the market movement is within the guidelines for trade entry.
Stay keen on your risk management and trade carefully,