SPX is out of entry range; no new trade entry today.
The guidelines for the weekly Iron Condor call for a "NO ENTRY" if SPX has moved a one-day standard deviation in either direction. According to my broker's calculation, a one-day standard deviation as of today is 14 points. As of this writing, SPX is up 22 points, so outside the guidelines for a new trade entry.
Even if the market settles later in the day, I still feel it is better risk management to sit on the sidelines and keep cash as our position. I published the results for the first half of this year earlier in the week, and the weekly trade has a decent return despite all the market volatility. It is not worth jeopardizing that record by jumping into a new non-directional position with SPX being so far outside of the entry guidelines that have worked well for the trade.
We are NOT recommending a new trade entry today, and will look for a better trade entry next week. Remember, "Infinite Patience Yields Immediate Results" (author unknown).
As always, stay keen on your risk management and trade carefully,