Good news brought the bulls out in full force this morning.
A positive jobs report, lower unemployment rate, and increased consumer spending caused SPX to move outside the guidelines for a new weekly trade entry this morning.
The guidelines for the weekly credit spread recommend sitting on the sidelines if SPX has moved +/- a one day, standard deviation. As of this writing, SPX is up over 16 points, outside the range for entry.
If SPX moves back within a standard deviation, I will consider entering a position this afternoon, if there is sufficient credit. Otherwise, I will sit on the sidelines this week, keeping cash as my position. I will post entry details if a position is opened.
Next week I will be entering the January IWM Iron Condor. Monday is 39 days to expiration, so I will begin looking at setups then.
As always, stay keen on your risk management and trade carefully.
Enjoy your weekend!