Friday's Fed speakers did not rock the boat as I thought they might; but fresh concerns over Russia/Ukraine did cause SPX to pull back from Thursday's record-high close.
Word of another Russian convoy entering Ukraine overpowered what Fed speakers Janet Yellen and Mario Draghi had to say during the Jackson Hole symposium. SPX did recover off the lows of the day to close at 1988.40, down just .2% from Thursday's close.
This week's SPX Iron Condor for August 5 cycle was filled for a net credit of $1.35 late yesterday afternoon. The position summary is as follows:
SOLD August 5 2015 Call.
BOUGHT August 5 2025 Call.
SOLD August 5 1955 Put.
BOUGHT August 5 1945 Put.
Below is the risk graph of the current position as of the close Friday:
SPX August 4 Weekly Iron Condor
The current gain on the position is $32. The target gain remains at 7% of the margin/risk, or $60.
The chart below shows the short strikes:
SPX 6 month chart
There is a fair amount of economic news being released next week:
10:00 am New Home Sales
10:30 am Dallas Fed Manufacturing Survey
8:30 am Durable Goods Orders
9:00 am S & P Case-Schiller HPI
10:00 am Consumer Confidence
10:30 am EIA Petroleum Status Report
8:30 am GDP
8:30 am Weekly Jobless Claims
8:30 am Personal Income & Outlays
9:55 am Consumer Sentiment.
It is recommended to exit this week's position before the end of the day on Wednesday. I prefer not to carry a short term position through the GDP report the next morning; as any impact against the trade would make it difficult to recover from with only 2 days left to expiration.
I will post trade updates as appropriate.
As always, stay keen on your risk management and trade carefully,