We are cautiously recommending trade entry for Friday, July 17

We have not entered a weekly SPX Iron Condor for a couple of weeks; the consensus was that it was better risk management to sit on the sidelines while the Greek drama played out. Following is a trade recommendation for entry today. Please be sure your position size is in line with your account size, risk management, and trading style.

Option Code: SPXW150724

Expiration Date: Friday, July 24.

Recommended Trade Entry:

- SELL SPX July 4 2145 Calls, currently $1.20. Delta of short call: .12.

- BUY SPX July 4 2155 Calls, currently $.40.

- SELL SPX July 4 2090 Puts, currently $2.70. Delta of short put: -.15.

- BUY SPX July 4 2080 Puts, currently $2.00.

It is recommended to place the order as a single entry: SELL " Iron Condor".

Current mid price for all four legs: $1.50. We recommend trying to get filled for the mid or a few cents below; $1.25 is the suggested minimum credit for this trade.

Please note: Traders should always be aware of any news events that may cause a sudden move in the market. If that occurs, it is recommended to immediately cancel the working order until things settle. Depending on the move that may occur, the above strikes may need to be changed to appropriate strikes within the .10 - .15 range. It is each individual's responsibility to select the strikes they feel most comfortable with, depending on trading style and risk tolerance.

Update will be posted with exact position details when the trade is opened.

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

Dot Hazlin