"Infinite patience yields immediate results"; author unknown but worth taking to heart before considering a new weekly trade entry.
I have mentioned this proverb in some previous articles, and felt it was a good lead-in to today's post. The market continues to churn over this Holiday period. Everyone is expecting a pullback, but there are those who feel this could just be a pause before the next leg higher.
In any event, I feel it is too risky to enter a weekly SPX Iron Condor for next week's expiration (January 6) until we see how the market behaves when investors return from their holiday. I do not want to risk your live capital, or mine, by recommending a trade entry just because Friday is the "planned" entry day.
Yes, of course it's true that you cannot make any money by not being in the market, but keeping cash as our position means that we cannot lose it either.
To summarize; there will not be a weekly trade entry this Friday for the January 6 cycle. We will see what next week brings and hope to enter a new trade if the market cooperates.
As always, stay keen on your risk management and trade carefully,
Happy New Year!