Traders enjoyed a quiet day to end a tumultuous trading week leading into the long weekend.

Trading was choppy Friday with light volume; but the broad market appears to have shaken off "Brexit" and logged the best week of the year. The benchmark index SPX closed up 4 points, breaking the psychological 2100 resistance level, to close at 2102.95, up .9%. The close Friday represented the best weekly gain for SPX since November 20, 2015.

Below is the open position status:

SPX Weekly Iron Condor

This July 8 weekly position was opened Friday, July 1. Trade details below:

SOLD SPX July 8 2135 Call, 1.30 credit.

BOUGHT SPX July 8 2145 Call, .65 debit.

SOLD SPX July 8 2050 Put, 2.15 credit.

BOUGHT SPX July 8 2040 Put, 1.50 debit.

Order was filled as an "Iron Condor" for $1.30 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: $870.

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 July 8 Weekly Iron Condor

The position is currently showing a gain of $25, the current debit to exit as of the close is $1.05. Our good-to-cancel order remains in place to exit for a debit of $.70, which would represent the target gain of 7%. The position, as always, will be exited if the max loss of 10% is reached. It is recommended to exit the position prior to the release of the FOMC minutes next Wednesday afternoon. While there are no surprises expected, this news usually cerates some market volatility that may move against our position, with little time to recover.

The position is fairly well centered, and should benefit if the market makers are kind to us and have a mellow open on Tuesday.

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 Markets closed for U.S. Independence Day Holiday

Tuesday

10:00 am Factory Orders

Wednesday

8:30 am International Trade

10:00 am ISM Non-Manufacturing Index

2:00 pm FOMC Minutes

Thursday

8:15 am ADP Employment Report

8:30 am Jobless Claims

11:00 am EIA Petroleum Status Report

Friday

8:30 am Monthly Employment Situation 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.

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

Dot Hazlin