No gains, no losses as the market struggles for direction.

The broad market pared earlier losses to close modestly lower Friday, as investors weighed implications of a dismal jobs report on the Federal Reserve monetary policy decision in two weeks.

The U.S. economy created just 38,000 jobs last month, the weakest level of hiring in nearly six years.

The benchmark index SPX closed down 6.13 points at 2099.13, or -.3%. The index was virtually flat for the week.

Below is the open position status:

SPX Weekly Iron Condor

This June 10 weekly position was opened Friday; trade details are:

SOLD SPX June 10 2125 Call, .95 credit.

BOUGHT SPX June 10 2135 Call, .45 debit.

SOLD SPX June 10 2050 Put, 2.75 credit.

BOUGHT SPX June 10 2040 Put, 1.85 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 10 Weekly Iron Condor

The position is currently showing a gain of $45, the debit to exit is $.95 as of the close yesterday, although sometimes after-hours prices are not accurate. Our good-to-cancel order remains in place to exit for target gain which will be a debit of $.80. As outlined in the guidelines, the position will also be exited at the pre-set max loss of 10%. The position is slightly negative delta going into 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

12:30 pm Fed Chair Yellen speaks

Tuesday

8:30 am Productivity and Costs

Wednesday

10:30 am EIA Petroleum Status Report

Thursday

8:30 am Jobless Claims

Friday

10:00 am Consumer Sentiment

Next week is the planned entry for the SPY July monthly Iron Condor. Monday will be 39 days to expiration, so we will look to enter the position sometime next week depending on overall market conditions and available credit.

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.

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

Dot Hazlin