The verdict is in - no rate hike in September so the uncertainty continues.

The broad market sold off Friday, as the Fed's decision to leave interest rates unchanged fueled fears about global economic growth. SPX closed at 1958, down 32 points or 1.6%. The benchmark index posted a weekly loss of -1.2%.

Weekend risk is inherent to trading in general, and it is magnified greatly for shorter term trades such as the weekly Iron Condor we usually enter on Friday's. I received an email from one of our readers as to whether a Monday entry may be viable for the weekly Iron Condor. I plan to test this great suggestion and try entering the September 4 weekly Iron Condor on Monday. We may have to accept a bit less credit, but at least the weekend risk will be removed.

As long as the market is within trade guidelines and we can still get the minimum recommended credit of $1.25 for the appropriate strikes, I will post a recommended trade on Monday.

We have no open positions on this weekend; the October SPY Iron Condor closed for target gain yesterday afternoon.

With the selloff following the Fed announcement, I didn't feel comfortable recommending the RUT monthly Iron Butterfly yesterday. I feel we are now too close to expiration to enter the position, so there will not be a RUT October monthly position in the portfolio.

SPX 6 month chart:

VIX 6 month chart:

The VIX crept back up with the selloff yesterday, closing at 22.28 or +5.39%. The "fear" index is still above the historical average of 20.

Next week's economic news is summarized below:

Monday

10:00 am Existing Home Sales

1:00 pm Fed Dennis Lockhart speaks

Tuesday

7:00 pm Fed Dennis Lockhart speaks

Wednesday

9:45 am PMI Manufacturing Index

10:30 am EIA Petroleum Status Report

Thursday

8:30 am Durable Goods Orders

8:30 am Jobless Claims

10:00 am New Home Sales

5:00 pm Fed Chair Janet Yellen speaks

Friday

8:30 am GDP

10:00 am Consumer Sentiment

1:25 pm Fed Esther George speaks

Trade updates will be posted as appropriate.

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

Dot Hazlin