The market continues to grind higher ahead of Non Farms Payroll and Janet Yellen's speech.
The bounce off of last month's lows continues; SPX managed to reach new highs just before the end of the trading yesterday, and closed at 2031.21. Futures are relatively flat this morning ahead of the monthly employment report at 8:30. Fed Chair Janet Yellen is also on the calendar this morning at 10:15 am; she is on a panel of speakers including IMF Christine Lagarade and others at a Bank of France conference at Paris.
I am, very cautiously I might add, planning to enter a weekly SPX Iron Condor for the November 2 cycle sometime today. We have not entered this position the last few weeks because of the market volatility, so I am recommending anyone entering this position live do so in a smaller size than usual.
I will post suggested trade entry when an order is submitted, as long as SPX remains within the trade guidelines.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,