When the VIX is low, it's time to go - it's too risky to enter a new weekly trade today.
We are not recommending a trade entry for the SPX weekly Iron Condor for the July 21 cycle. After reviewing potential setups this morning with the VIX hovering at 10 or slightly below, I could not find a decent setup for what I consider a reasonable trade. We delayed entering yesterday for the same reason; I was hoping for a bit of volatility pop in order to be able to enter today but that did not happen.
Of the numerous setups I looked at, in order to receive our minimum credit of $1.25 the play would only have 60 points between the two short strikes. This is much too narrow at such low volatility levels.
For those who may be disappointed, my apologies and of course traders may venture into their own trade if they choose to do so. In my opinion, it is not worth jeopardizing the favorable track record we have had this year for the weekly Iron Condor, as well putting our capital at risk. We will keep cash as our position and hope for an opportunity to enter next week.
As always, stay keen on your risk management and trade carefully.