Despite a weak jobs report and the US missile strike on Syria, the broad market closed just marginally lower.
President Trump launched a missile strike on Syria Thursday night, and the weaker-than-expected employment report released Friday morning indicated that the US added only 98,000 new jobs in March. This was the smallest gain in a year, the expected was 185,000. Despite this news, the market ended a choppy session just slightly lower.
The benchmark index SPX closed down -.08%, -1.95 points at 2355.54. This represented a weekly loss of 0.3%.
Below is the open position status:
SPX Weekly Iron Condor for the April 13 cycle
This position was opened Friday, March 7; details below:
SOLD SPX April 13 2390 Call, .90 credit.
BOUGHT SPX April 13 2400 Call, .40 debit.
SOLD SPX April 13 2310 Put, 2.90 credit.
BOUGHT SPX April 13 2300 Put, 2.15 debit.
Order was filled as an "Iron Condor" for $1.25 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: $875.
Target Gain: 7% of margin/risk or $60.
Max loss: 10% of margin/risk or $85.
Below is the risk graph of this week's position as of the close Friday:
SPX April 13 Weekly Iron Condor:
The position is currently showing the position is at target gain, but our order to close for $.65 did not fill. The position will be closed when the order fills for the target gain, or if the loss reaches 10%.
Below is the SPX chart showing the short strikes:
SPX 6 month chart
Next week's economic news is highlighted below:
8:30 am Import/Export Prices
10:30 am EIA Petroleum Status Report
8:30 am Jobless Claims
8:30 am Producer Price Index
10:00 am Consumer Sentiment
8:30 am Consumer Price Index
8:30 am Retail Sales
Next week is the planned entry window for the May SPY Iron Condor. Monday will be 39 days to expiration, so we will look to enter 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 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,