Futures as of this writing are a convincing argument to enter a Put Credit Spread for the next weekly cycle.

As of this writing, SPX futures are indicating a bullish open. Rather than step in front of the freight train with a weekly Iron Condor, I will most likely enter a Put Credit Spread for the November 1 cycle. However, there is a fair amount of economic news being released this morning so I wait the first hour as usual before entering.

8:30 am Jobless Claims

8:30 am International Trade

10:00 am New Home Sales

At this moment I am looking at selling the -1715/+1705 Put Spread. Currently the delta of the short put is -.17; this will likely drop to within the guidelines depending how much SPX moves up after the open. If the delta is at -.15 or below at the time of entry, and the credit is at least $.75, I will enter this spread. Depending on the move, the strike selection could move up or down, but it is recommended not to sell a delta greater than -.15.

I will post specific trade entry later this morning with fill prices.

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

Dot Hazlin