A decline in technology stocks caused a mini "flash crash", but buyers stepped in to close the week flat.

The broad market saw a sharp decline about an hour before the close Friday, but the "buy the dippers" saved the day. The benchmark index SPX closed down just -2.02 points at 2431.77. This represented a loss for the week of -.31%.

Below is the open position status:

SPX Weekly Iron Condor

SOLD SPX June 16 2465 Call, 1.55 credit.

BOUGHT SPX June 16 2475 Call, .75 debit.

SOLD SPX June 16 2395 Put, 1.50 credit.

BOUGHT SPX June 16 2385 Put, 1.05 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 as of the close Friday:

SPX June 16 Iron Condor:

Think or Swim is showing the position is +$20; the current debit to close is $1.05. Our order remains in place to exit for target gain when the debit reaches $.65, or if the max loss reaches 10%. However, it is recommended to close the position prior to the FOMC meeting announcement on Wednesday afternoon.

Below is the SPX chart indicating the short strikes:

SPX 6 month chart

Next week's economic news, is summarized below:

Tuesday

FOMC Meeting Begins

8:30 am Producer Price Index

Wednesday

8:30 am Consumer Price Index

8:30 am Retail Sales

10:30 am EIA Petroleum Status Report

2:00 pm FOMC Meeting Announcement

2:30 pm Fed Chair Yellen Press Conference

Thursday

8:30 am Jobless Claims

8:30 am Philadelphia Fed Business Outlook

8:30 am Import/Export Prices

9:15 am Industrial Production

Friday

8:30 am Housing Starts

10:00 am Consumer Sentiment

Next week is the planned entry window for the SPY Iron Condor for July. Monday will be 39 days prior to expiration, so we will look to enter sometime in the coming week depending on 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,

Dot Hazlin