Planning for next week; here is a summary of upcoming economic news.
If the market is within our guidelines and there is sufficient credit for a decent trade, we will consider entering the weekly SPX Iron Condor Thursday. If we do enter, this would be testing the early entry once again, for the February 24 cycle. At these record-high levels, it will be a very cautious trade entry if we do move forward. There "could be" a pullback at any time, but there is also the reality that there is no stopping the bullish stampede which would not be kind to the weekly Iron Condor.
For planning purposes, next week's economic news is highlighted below:
Markets closed; US President's Day Holiday
9:45 am PMI Manufacturing Index
10:00 am Existing Home Sales
2:00 pm FOMC Minutes
8:30 am Jobless Claims
11:00 am EIA Petroleum Status Report
10:00 am New Home Sales
10:00 am Consumer Sentiment
Trade updates will be posted as appropriate
As always, stay keen on your risk management and trade carefully,