SPX June 1 Iron Condor Test Position Update

The bulls have continued to gain momentum when SPX broke through 1900, closing Friday at 1923.57. Below is the status of the SPX weekly Iron Condor test position:

SPX June 1 Iron Condor



The position is +$17.51 as of the close Friday, quite negative delta as you can see from the risk graph. Looking at the SPX chart, this may not have been the week to begin testing this strategy. However, in my opinion the best way to test a trade is by trading it in paper in a wide variety of market conditions, for a period of time.

SPX 6 month Chart



Below is the summary of next week's major economic news releases:

Monday

- 10:00 am ISM Manufacturing Index

Wednesday

- 8:15 am ADP Employment Report

- 8:30 am International Trade

Thursday

- 8:30 am Weekly Jobless Claims

- 8:30 am ECB President Mario Draghi press conference regarding rate decision

Friday

- 8:30 am Monthly Non Farms Payroll

I will likely close this test position before the end of the day on Wednesday. While it is a paper trade, it will be traded the same as I would with live capital. The two events likely to move the market is the ECB press conference Thursday morning, and the monthly Non Farms Payroll report Friday. However, at these record levels it wouldn't take much to bring out some sellers. Time will tell.

An update will be posted as appropriate.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin