Sitting on the sidelines for a second March weekly trade entry.
Yesterday's escalating concerns over the weakening economy in China and the Ukraine caused the markets to drop sharply. SPX closed down a full percent at 1846.34. The 6 month chart is shown below:
SPX 6 month Chart:
While the long term trend is still bullish, I feel there is a lot of short term risk going into the weekend. Sunday brings a vote in Crimea to possibly secede from the Ukraine. The opinions are mixed depending on what analyst you listen to, but the vote could bring some volatility to the market Monday. The bears invaded the Asian market once again overnight, so it's unknown how that may affect things today.
I am not recommending a second trade entry for the SPX March weekly cycle. While "double dipping" is always tempting after taking a loss, I will keep cash as my position for the weekend other than the April SPY Iron Condor.
Hopefully, things will calm down and return to the trend by next week's trade entry.
Stay keen on your risk management and trade carefully,