This morning's employment report has taken SPX out of entry range.

After two days of sideways choppiness ahead of the monthly non farms payroll report, this morning's news brought the bulls out in full force. The report indicated the US churned out 223,000 new jobs in April, and the unemployment rate dropped to the lowest level since mid-2008 (5.4%).

The guidelines for the weekly SPX Iron Condor call for "NO ENTRY" if SPX has moved up or down one standard deviation, which is currently 16 points. As of this writing, SPX is up over 26 points, trading at 2114.29.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here: Link to Articles

As a full time trader, it is never easy for me to sit on the sidelines. However, I also value cash as a position at times. This week I will hold my cash, rather than putting it at risk for a potential whipsaw on Monday by jumping in to a new short-term position of a non-directional nature.

In summary, it is not recommended to enter a new weekly position today; but to practice patience, look forward to next week when I hope we will have a better entry signal for the weekly Iron Condor.

Next week is the planned entry for the SPY monthly Iron Condor for June. Monday will be 39 days to expiration, so the trade will be entered early in the week as long as market conditions are within the guidelines and there is sufficient credit.

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

Dot Hazlin