August's close brought the fifth straight monthly gain; now September is upon us.
The broad market finished higher Friday after a weaker-than-expected jobs report diminished fear of a rate hike by the Fed. Volume was light as investors headed into the 3-day Holiday weekend, and dropped off significantly after the August employment report indicated that the US added 170,000 new jobs in August.
The benchmark index SPX closed up 4.90 points at 2476.55, a gain of .2% and the fifth straightly monthly gain.
We do not have any open positions on this weekend; premium was too low to enter the SPX Weekly Iron Condor. With September now here, we will hope that volatility picks up a bit so we can have a better entry for the weekly trade.
SPX 6 month chart
SPX appears to be reaching for 2,500; however September is normally a weak month so it remains to be seen if that milestone will occur.
VIX 6 month chart
The volatility index, or "fear index" VIX, closed at 10.13, down .46 points or 4.34%. The 52-week average for the VIX index is 8.84 - 23.01, so it remains at historic lows.
Next week's economic news, is summarized below:
Monday, September 4
Markets closed; US Labor Day Holiday
10:00 am Factory Orders
1:30 pm Fed's Neel Kashkari speaks
8:30 am International Trade
10:00 am ISM Non Manufacturing Index
2:00 pm Beige Book
8:30 am Jobless Claims
8:30 am Productivity & Costs
11:00 am EIA Petroleum Status Report
8:45 am Fed's Patrick Harper speaks
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,