This morning's selloff has taken SPX out of entry range for the weekly Iron Condor.

The bears are out in full force this morning, as of this writing SPX is down 25 points. The guidelines for the weekly SPX Iron Condor call for "NO ENTRY" if SPX has moved one standard deviation in either direction. According to my broker's calculation, a one-day standard deviation is 22 points. Even if there is a recovery later today, I feel it is too risky to enter the weekly Iron Condor.

It is not recommended to enter a weekly Iron Condor for the December cycle today. We will sit on the sidelines with cash as our position until next week's entry. It is not worth risking the good track record we have thus far this year to jump into such a volatile market with a short term trade. We will have one more trade to enter for this year - the December 4 cycle, as long as the market is within the guidelines.

For those unfamiliar with the strategy, the trade management guidelines for all the Couch Potato strategies were updated on August 20, 2015, and can be found here: Link to Articles

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

Dot Hazlin