Open Position update: IWM November Iron Condor and next Weekly Trade Entry
IWM November Iron Condor
As of the close yesterday, the IWM Iron Condor position is +$56.49, 4.1% of the new, adjusted margin/risk. As I mentioned in my weekend update, we will keep this position open until closer to expiration, but watching carefully, especially the downside. At the moment there is a lot of room for upside movement, but things can change in a heartbeat as we've all seen.
Below is the current position:
IWM November Iron Condor as of the close November 6:
There will not be a new SPX weekly trade entry today. This morning begins a barrage of economic news including the ECB meeting and subsequent press conference, GDP, and weekly jobless claims. Tomorrow before the open is the monthly non-farms payroll, which "can" be the most market-moving event of all. We will enter a new weekly trade for the November 3 cycle Friday after the market digests the news. However, if the market moves outside our entry guidelines of a one day standard deviation move, we will not enter a position until such time that things settles within that range. As of today, that is about 13 points on SPX.
I will post trade updates as appropriate.
As always, stay keen on your risk management and trade carefully,