Ben Bernanke will be in the spotlight again the next two days; our SPX Weekly Credit Spread for the Jul 3 Cycle was closed for slightly less than target to remove the risk before the start of his testimony.

As I've written numerous times before, I would sometimes rather exit a position for less than target gain than to risk staying in overnight when some "news" may cause the market to move against my position.

At approximately 12:00 noon Est today, I closed this week's spread for .30, ten cents less than the target closing order of .20 The net gain on this position opened last Friday after commissions was $61, or 6.7% of the actual margin. More aggressive traders may choose to stay in for the original target, but the $10 I surrendered was well worth removing the risk, at least for me. For anyone who does stay in this position, please keep in mind that the last day to trade this week's cycle is Thursday, as this is the regular July monthly cycle.

A new position will be entered on Thursday, after Chairman Bernanke's testimony has concluded and the market has settled down. Please keep in mind the guidelines for new trade entry are only if SPX and/or RUT has not moved more than a one, one-day standard deviation. If the move is outside that entry guideline, we will not enter a new position until Friday.

I will also be looking at an SPX Iron Condor for the July 4 cycle, if sufficient credit is available.

Trade details will be posted upon entry.

As always, stay keen on your risk management and trade carefully.

Dot Hazlin