The bullish run continues; record-high closing despite a disappointing jobs report.
The broad market continued to march higher into the close of the trading week, despite a weaker-than expected jobs report released Friday morning. The US added just 138,000 new jobs in May, less than expected, and the unemployment rate dropped to 4.3%.
The benchmark index SPX closed at a record high of 2439.07, a gain of +9.01 points or .3%.
We do not have any open positions on this weekend; with volatility at such low levels there was not enough premium to justify the risk of a short term trade so we are sitting with cash as our position until a better entry opportunity presents itself for the SPX weekly Iron Condor. I cannot manufacture a trade at these low trade levels and recommend you invest your hard-earned capital; so patience must be in order.
Below is the six month chart of SPX:
SPX 6 month chart
The "fear" index, VIX, closed down slightly at 9.75, still well below the historical average of 20.
VIX one year daily chart
Next week's economic news, is summarized below:
10:00 am Factory Orders
10:00 am ISM Non-manufacturing Index
10:30 am EIA Petroleum Status Report
8:30 am Jobless Claims
8:30 am ECB Press Conference re Interest Rate
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,