One look at this VIX chart tells it all; no premium for the weekly SPX Iron Condor.
VIX 6 month chart
We are not recommending a trade entry this week for the SPX weekly Iron Condor for the October 13 cycle. After reviewing potential setups this morning with the VIX still below 11, I could not find a decent setup for what I consider a reasonable trade. Last week I ventured in with the VIX at 10 because I had a request from a couple of subscribers requesting a trade. In hindsight, we should have stayed in cash. It is just not worth risking your capital, or mine, when the low volatility does not allow us to get far enough away from the short strikes for a reasonable risk/reward.
For those who may be disappointed, my apologies and of course traders may venture into their own trade if they choose to do so. In my opinion, it is not worth entering the market in what I see as an unfavorable environment for a short term trade such as the weekly Iron Condor. We will keep cash as our position and hope for an opportunity to enter next week if volatility picks up. We still have plenty of time left for trades this year, so patience is in order and cash preservation at the foremost.
As always, stay keen on your risk management and trade carefully.