The continuing rally today may knock SPX outside entry guidelines for the weekly Iron Condor.
The trade guidelines on the weekly Iron Condor on SPX call for a "no entry" if SPX has moved a one-day standard deviation in either direction. According to the calculation on my broker's platform, the one day standard deviation is currently 14 points.
As of this writing, futures are up over 18 points, which is outside the entry guidelines. We will wait and see how the day progresses; if SPX pulls back to within a one-day standard deviation and there is sufficient credit, we may recommend a position entry later today. Otherwise, we will not take the risk of a "whipsaw" and will sit on the sidelines for a weekly trade.
Trade update will be posted as appropriate.
For those unfamiliar with the strategy, the trade management guidelines for all the Couch Potato Trader plays were most recently updated on August 20, 2015, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,