Despite the roller-coaster the market took us on last week, the November IWM Iron Condor position remains positive.

Our November IWM Iron Condor continues to churn along, although a slight pullback would be welcome. Next week could bring us that opportunity, if the debate over the debt ceiling continues. On the other hand, the rally we saw late last week may continue. We will just continue to trade according to our guidelines, and manage the position accordingly regardless of how the politicians may affect the market next week.

IWM November Iron Condor:

IWM November Iron Condor as of the close Friday:

The position is currently +$15.04. IWM closed Friday at 107.68. The adjustment trigger is at 1 point before the short strike on either side. The adjustment is to roll the threatened side 3 points, as outlined in the article posted on September 26. It is a trader's choice whether or not to move the "unthreatened" spreads up 3 points, which will help offset the cost of rolling out the spreads in trouble. Target gain remains at 10% of actual margin, or $41.

I will post an update on this position next week. Until the situation is resolved in Washington, we will not be entering any new weekly positions; and will continue to hold that capital as cash.

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

Dot Hazlin