SPX Weekly Iron Condor Entry Plan for December 1 weekly cycle.

Futures are flat this morning ahead of the barrage of economic news. A summary of the events for today and the rest of the week is below:

Wednesday

8:30 am Durable Goods Orders

8:30 am Jobless claims

8:30 am Personal Income & Outlays

9:55 am Consumer Sentiment

10:00 am New Home Sales

10:00 am Pending Home Sales

10:30 am EIA Petroleum Status Report

Thursday

Markets Closed for Thanksgiving Holiday

OPEC Meeting

Friday

9:45 am Chicago PMI

1:00 pm Early market close

I mentioned in my Weekend Update that I may consider recommending/entering the SPX weekly Iron Condor today for the December 1 cycle. However, after careful consideration of the news today, and particularly the OPEC Meeting Thursday, I feel it is wise risk management to hold off entering a new position before the Holiday.

There are rumors floating around that there could be an announcement at the OPEC meeting of some sort of coordinated action with Russia and Mexico. While a "rumor" and I don't like to trade on rumors, this type of action could bring some volatility to the market on Friday, compounded by it being a light volume, shortened trading day.

Depending on market conditions on Friday morning, I will either 1) very cautiously enter a position before the early close, or 2) make the decision to sit on the sidelines for this weekly cycle. We still have the two monthly positions on SPY and RUT to manage, so if I don't feel comfortable entering a weekly position Friday, we will continue to monitor these monthly positions and plan on a weekly entry for the next cycle.

I will post an update Friday with a suggested trade if an order is submitted.

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

Dot Hazlin