The jobs report didn't spook the market as many folks expected.
The broad market finished modestly higher Friday after the closely watched August jobs report came in weaker than estimated, suggesting that the Federal Reserve may hold off on hiking interest rates when policy makers meet later this month.
The monthly jobs report indicated that the US added 151,000 jobs in August, less than the 170,000 expected. The unemployment rate remained at 4.9%.
The benchmark index SPX closed at 2179.98, up 9.12 points, posting a slight gain for the week of .4%.
The tight trading range continues as shown on the SPX six month chart below:
SPX 6 month chart
We did not enter the SPX Weekly Iron Condor for the September 9 cycle; I felt the risk of the three-day weekend following the jobs report was too great to risk a short term trade. We felt it was a better decision to keep cash as our position and wait for the market to settle when everyone returns after the Holiday weekend. We were fortunate to be able to exit the RUT September Iron Condor yesterday for a little better than target gain, so we have no open positions on for the weekend.
Below is a recap of next week's economic news:
Markets closed for U.S. Labor Day Holiday
10:00 am Non-Manufacturing ISM Index
2:00 pm Beige Book
8:30 am Jobless Claims
11:00 am EIA Petroleum Status 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,