This week's rally "stalling/consolidation" has helped our December Open Position; will it continue?
The question of "will it continue" is anyone's guess at this point; but it does appear that the market rally may be stalling after record-highs were reached earlier this week.
Below is the December IWM Iron Condor as of the close yesterday:
IWM December Iron Condor as of the close November 19:
The position is currently +$20; the target gain remains at $41. The delta of the 114 short call is now down to .15; so the position is out of immediate adjustment range.
Looking ahead to a weekly trade entry for the November 5 cycle; futures are relatively flat as of this writing. However, there is quite a bit of economic news coming out today including:
8:30 am: Consumer Price Index
8:30 am: Retail Sales
10:00 am: Existing Home Sales
2:00 pm: FOMC Minutes
Thursday is the planned entry day; but I will wait at least the first hour as usual to see how the market settles after the economic news:
8:30 am: Jobless Claims
8:30 am: Producer Price Index
10:00 am: Philadelphia Fed Survey
If the market remains calm, I will most likely sell an SPX put credit spread for next week's cycle. I will look to sell a short put with a delta of -.15 or less, for the minimum credit of $.75. If plans change due to a sudden change in market direction, I will post an update. Otherwise, trade entry details will be posted tomorrow.
As always, stay keen on your risk management and trade carefully,