After all the wild roller coaster rides we went on this year, SPX closed down just 14 points from last December 31.

At the close Wednesday of this week, it was looking as if SPX would close in the green for the year. But the low-volume New Year's Eve bearish trading changed that picture. The benchmark index closed 2015 at 2043.94, down 19 points for the day. This selloff resulted in a loss for the year of -0.7%.

Below is the open position status:

SPX Weekly Iron Condor

This January 2 weekly position was opened Friday; trade details are below:

- SOLD SPX January 2 2105 Call, $1.39.

- BOUGHT SPX January 2 2115 Call, $.81.

- SOLD SPX January 2 1985 Put, $4.13.

- BOUGHT SPX January 2 1975 Put, $3.31.

Order was filled as an "Iron Condor" for $1.40 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $860.

Target Gain: 7% of margin/risk or $60.

Max loss: 10% of margin/risk or $86.

The risk graph showing the position as of the close is below:

SPX January 2 Weekly Iron Condor

As of the close, the position is currently -$10, the current debit to exit is $1.50. Our exit order remains in place to close the position for target when the debit reaches $.80, which would be target gain. As outlined in the guidelines, the position will also be exited at the pre-set max loss of 10%. Next week's economic news (outlined below) brings the release of the FOMC minutes on Wednesday afternoon. It is recommended to exit the position regardless prior to that news. While there should not be any surprises, the release of the minutes sometimes brings volatility that could go against the position with little time to recover.

Below is the 6 month chart showing the short strikes:

SPX 6 month chart

Next week's economic news is summarized below:

Monday

10:00 am Construction Spending

10:00 am ISM Manufacturing Index

Wednesday

8:15 am ADP Employment Report

8:30 am Trade Balance

10:00 am ISM Non Manufacturing PMI

2:00 pm FOMC Minutes

Thursday

8:30 am Jobless Claims

Friday

8:30 am Monthly Employment Report For those unfamiliar with the strategies we trade, the trade management guidelines for all the Couch Potato Trader plays were most recently published on August 20, 2015, and can be found here: Link to Articles

Trade updates will be posted as appropriate.

My best wishes to everyone for a very Happy New Year, and thank you for your support of the Option Investor newsletters. May 2016 bring happiness, health, and prosperity to all of you.

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

Dot Hazlin