Another day, another record-high close for SPX.
SPX managed to close Friday in uncharted territory, despite continuing headlines of the escalating situation between Russia and Ukraine. The index closed Friday at 2003.37, up 6 points or .3% from the previous day. Next week, after investors return from the summer holidays, it will be interesting to see whether the bulls can continue their rally when the volume picks up.
This week's SPX Iron Condor for the September 1 weekly cycle was filled for a net credit of $1.25 Friday. The order executed at the low of the day. The position summary is as follows:
SOLD September 1 2025 Call.
BOUGHT September 1 2035 Call.
SOLD September 1 1965 Put.
BOUGHT September 1 1955 Put.
Below is the risk graph of the current position as of the close Friday:
SPX September 1 Weekly Iron Condor
The current gain on the position is $20. 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 some noteworthy economic news on the calendar for next week:
Markets Closed for Labor Day Holiday
10:00 am ISM Manufacturing Index
10:00 am Construction Spending
8:15 am ADP Employment Report
10:00 am Factory Orders
2:00 pm Beige Book
8:30 am International Trade
8:30 am Weekly Jobless Claims
8:30 am ECB Press Conference
10:00 am ISM Non-manufacturing Index
11:00 am EIA Petroleum Status Report
8:30 am Monthly Employment Situation Report
10:15 am Fed member Charles Plosser speaks
I will post trade updates as appropriate.
We will be looking for two new monthly trade entries over the next couple of weeks, an October Iron Condor on SPX or XSP, and an October Iron Butterfly on RUT.
As always, stay keen on your risk management and trade carefully,