The broad market closed on a high note Friday; recovering from Thursday's beating.

SPX rose to close yesterday at 2108, up .1.09% for the day. Friday's gain limited the losses for the week to only -.4%

Below is the current open position status:

SPX Weekly Iron Condor

This May 2 weekly position was opened Friday; trade details are:

- SOLD SPX May 2 2135 Call, $1.20.

- BOUGHT SPX May 2 2145 Call, $.55.

- SOLD SPX May 2 2040 Put, $2.95.

- BOUGHT SPX May 2 2030 Put, $2.05.

Order was filled as an "Iron Condor" for $1.55 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $845.

Target Gain: 7% of margin/risk or $59.

Max loss: 10% of margin/risk or $85.

The risk graph showing the position as of the close is below:

SPX May 2 Weekly Iron Condor

As of the close, the position is currently +$35. The position is negative delta, so should benefit from a slight pullback Monday. Our exit order remains in place to close the position if the debit reaches $.95, which would be target gain. The position will be closed if the debit reaches $2.40, which would be the pre-set max loss for the trade.

Below is the 6 month chart showing the short strikes:

SPX 6 month chart

Next week is a busy week for economic news, along with a flurry of Fed speakers. A recap is below:

Monday

10:00 am Factory Orders

3:10 pm Fed John Williams

Tuesday

8:30 am International Trade

10:00 am ISM Non Manufacturing Index

12:25 pm Fed Charles Evans

Wednesday

8:15 am ADP Employment Report

8:30 am Productivity & Costs

9:15 am Fed Chairman Janet Yellen speaking with IMF Managing Director Christine Lagarde

10:30 am EIA Petroleum Status Report

1:15 pm Fed Esther George

1:30 pm Fed Dennis Lockhart

Thursday

8:30 am Jobless Claims

Friday

8:30 am Monthly Employment Situation Report

Trade updates will be posted as appropriate.

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

Dot Hazlin