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Disappointing retail sales report didn't deter the bulls today. Retail sales for July had the weakest growth in six months, basically unchanged from the previous month.
SPX Weekly Iron Condor for August 4 Cycle.
As of this writing, SPX is off the highs of the day, but still up over 11 points. At this time, I do plan to enter an SPX weekly Iron Condor sometime tomorrow, as long as SPX is within the guidelines. It is recommended to wait at least the first hour before entering; exact entry time is a trader's choice. Depending on credit available, I may wait until the afternoon to enter.
For the benefit of new subscribers and those who may not be familiar with the trade, updated guidelines were posted on August 7, 2014 and can be found here: Link to Articles
There are a couple of economic news reports out before the open in the morning:
8:30 am Jobless Claims
8:30 am Import and Export Prices
I don't expect that news to move the market in a big way, but nothing would surprise me.
Please keep in mind that if the news causes SPX to move more than a one day-standard deviation, the trade should not be entered until the market settles down to be within the guidelines. As of today, a one-day standard deviation according to my broker's platform is 14 points.
I will post entry details when the position is opened. If the plans change for an entry Thursday I will advise.
As always, stay keen on your risk management and trade carefully,