Another day, another 21+ point range in SPX.
I mentioned in the article I posted yesterday that I would like to see at least one day with intra-day movement of less than one standard deviation before recommending or entering a new weekly position. Yesterday was not the day; SPX had a 21.6 point range of movement during the trading day so the intra-day volatility remains in place.
One of the hardest things for a trader to do is to sit on the sidelines. However, I just donâ€™t feel comfortable entering a new weekly position this week because of the movement over the last six days. So I will sit patiently with cash as my weekly position and not enter a new trade for the February 1 cycle.
I appreciate your understanding and patience; and look forward to some sense of â€œnormalcyâ€ for a new weekly trade entry next week.
I will continue to manage the February IWM Iron Condor as outlined. If IWM closes below 111 today and opens below that price point on Monday, the position will be adjusted as outlined earlier in the week. I will post an update over the weekend.
As always, stay keen on your risk management and trade carefully,