Thanks to those who participated in the recent survey; you will see some enhancements to the newsletter over the coming weeks.
Beginning with this week's new trade entry, I will be changing the entry format slightly. The basic trade setup will not change, but I will posting a bit more detail on entry prices and strikes which may be helpful to newer subscribers.
Depending on market conditions, I am still planning a new SPX weekly trade entry tomorrow, towards the end of the day. I will be posting the details of the order when it is submitted as a working order, rather than after it is filled.
To recap tomorrow's events that could shake things up, two speakers are on the agenda from the Jackson Hole Federal Reserve Symposium. Fed Chairwoman Janet Yellen speaks at 10:00 am est., and ECB President Mario Draghi is on the agenda to speak at 2:30 pm. I think Yellen may have more impact on the market, however, Draghi has been known to create some volatility so it is recommended to wait until we see how the market is reacting before opening a new position.
Several survey participants also requested a monthly position on RUT; which is timely as I have been considering incorporating the RUT monthly Iron Butterfly back into the trading plan. This 50-wide Iron Butterfly was part of the mix of plays last year, but the trade didn't hold up well to the whipsaw environment so was put on a back burner. In the coming weeks I will be re-publishing those trade guidelines, modified slightly to what I think may be a more viable trade management plan for the current market.
As always, stay keen on your risk management and trade carefully,