The Holiday party started early as the broad market posted its best weekly gains in months.

Investors cheered as the Fed chair Janet Yellen said a rate hike "may be justified" over the summer. The benchmark index SPX rose 8.96 points to close at 2099.06, a .43% gain for the day. This represented a 2.2% weekly gain, the strongest since March 4.

Below is the open position status:

SPX Weekly Iron Condor

This June 3 weekly position was opened Friday; trade details are:

SOLD SPX June 3 2120 Call, 1.40 credit.

BOUGHT SPX June 3 2130 Call, .60 debit.

SOLD SPX June 3 2055 Put, 2.00 credit.

BOUGHT SPX June 3 2045 Put, 1.40 debit.

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 June 3 Weekly Iron Condor

As of the close, the position is at breakeven. Our order remains in place to exit the position for target gain which would be to close the trade for a debit of $.80, or the max loss of 10%. The position is short delta, and should benefit from a slight pullback early next week.

Below is the 6 month chart showing the short strikes:

SPX 6 month chart

Next week's economic news is summarized below:

Monday

Market closed, U.S. Memorial Day Holiday

Tuesday

8:30 am Personal Income & Outlays

9:00 am S & P Case Shiller HPI

10:00 am Consumer Confidence

10:30 am Dallas Fed Manufacturing Survey

Wednesday

8:15 am ADP Employment Report

9:45 am PMI Manufacturing Index

10:00 am ISM Manufacturing Index

10:00 am Construction Spending

2:00 pm Beige Book

Thursday

8:30 am Jobless Claims

11:00 am EIA Petroleum Status Report

Friday

8:30 am Employment Situation Report

8:30 am International Trade

10:00 am Factory Orders

10:00 am ISM Manufacturing Index

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.

Enjoy the long weekend and my thanks go out to all those who have served our country on this Memorial Day holiday.

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

Dot Hazlin