Until some resolution, or at least some discussions, come to reality in Washington, we are not recommending any new weekly positions.
No one dislikes sitting out of the market more than I do. However, at the risk of repeating myself, I am once again keeping cash as this week's position rather to risk my capital in a market that could turn very ugly at any time. I am not entering, nor am I recommending, a new weekly trade for the October cycle.
I ask your patience, and encourage anyone with backtesting capability and a paper trading account to continue to trade through this crisis. This is an excellent opportunity to fine tune your trading skills and confidence without risking your hard earned cash. Once the situation is resolved in Washington, we will resume our normal trade plan and recommendations.
With regards to the newly opened November IWM Iron Condor, with just two days into the trade the market "swoon" since trade entry has brought the position delta of the short puts close to an adjustment point. However, I believe it is too early in the position to make the adjustment, fearing a whipsaw to the upside that could then negatively affect the trade.
With IWM currently trading at 103.49, we are still over 4 points away from the short put strike at 99. At this time I have set the adjustment trigger point if IWM reaches 101, 2 points before the short put strike. I will post an update if the adjustment trigger is reached.
As always, stay keen on your risk management and trade carefully.