There is too much uncertainty over the Greek debt situation to enter a short term trade for the July 2 weekly cycle.
This is one of those weeks where the proverb I've quoted before is prudent: "Infinite Patience Yields Immediate Results."
Overnight, Greece became the first advanced economy to default on a payment to the International Monetary Fund, when it failed to hand over the $1.7 billion due. Markets rallied despite the default this morning, on "news" that a last minute attempt at a bailout proposal is being discussed today. In any event, Greece will proceed with its Sunday referendum, and talks are expected to continue into next week.
This week has been a roller-coaster ride, not the ideal activity for non-directional traders. On Monday, SPX had a range of 42 points points; and we were stopped out of this week's position for max loss. Tuesday was mild in comparison, with a range of "only" 18 points. Today sparked a rally to start the day, with SPX up 17 points or .82% as of this writing.
SPX 6 month chart
For those of who have been following/trading the weekly SPX Iron Condor, you are aware that there are certain weeks where I don't feel the water is "safe" for this non-directional, short term trade. This week is one of those times where I prefer to keep cash as my position going into the long weekend, and I am not recommending a trade entry for the July 2 weekly cycle.
We will continue to monitor the monthly RUT Iron Condor for July, and look forward to new trade entries next week if the Greek bailout is resolved one way or the other.
As always, stay keen on your risk management and trade carefully,