Futures are soaring this morning following FOMC Chairman Bernanke's comments last night; both SPX and RUT may be outside our guidelines for a weekly trade entry today.
Our trade guidelines recommend not entering a new position if the underlying is outside of a 1 day, one standard deviation. As of this morning, that is a 12 point move on SPX, and a 10 point move on RUT. If the move continues after the open, we will not enter a new position today, but will wait until Friday.
If the market settles by this afternoon to a level within our guidelines and a trade is entered, I will post an update with entry details. Otherwise, cash is a position, which we will continue to hold and "live to trade another day."
As always, stay keen on your risk management and trade carefully,