Volatility reigns; will the bears or bulls win the battle?
It doesn't take a technical guru to see the volatility the market continues to deliver; yesterday SPX had a 45 point swing from the low to the high of the day, closing at 1968. Yesterday's release of the FOMC minutes drove the market up to recover all of the losses from the previous day, and then some.
SPX 6 month chart:
With such a big move yesterday, and the flurry of Fed speakers on the calendar today, I will wait at least until the very end of the day before considering a new weekly trade entry for the SPX weekly Iron Condor. Depending on how the market behaves today, I may wait until tomorrow to enter a new position. Next week's cycle is the regular October monthly cycle. The option code is SPX141018; the last day to trade will be Thursday, October 16.
I will post suggested trade entry when an order is submitted, either this afternoon or tomorrow after the first hour as usual.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here:
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As always, stay keen on your risk management and trade carefully,