Market is too rocky for a Monday entry on the SPX weekly Iron Condor.

In this weekend's update I wrote that we may be recommending a Monday entry for the SPX weekly Iron Condor for the October 1 cycle, if market conditions were within the guidelines. As of this writing, SPX is down almost 23 points, just shy of a one day standard deviation.

This move puts us right on the edge of the guidelines, which call for a "no entry" if the underlying has moved up or down more than one standard deviation.

There is significant economic news throughout this week, including a flurry of Fed speakers and Chinese PMI data on Wednesday evening. It is just too risky to enter such a short term trade, so there will not be a new trade recommendation for today.

We all need to just practice patience during this dangerous time; the market will eventually return to where I feel the weekly trade is a viable play. In the meantime, I recommend keeping cash as your position and we will look at an entry either at the end of this week or next Monday.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin