Markets Whipsaw, Profitable SPX Weekly Iron Condor

This week's April13 1355/1360/1400/1405 SPX Iron Condor Spread for the Weekly Trading Service expired worthless for full profit of +7.53% in 2 days. The Weekly Trading Service is now back to 100% cash.

The Monthly Trading Service was active this week opening 2 new Bull Put Credit Spreads (IWM & DIA) and 1 new Bear Call Credit Spread on SPY; creating an Iron Condor with existing SPY Bull Put Credit Spread. The portfolio now contains 2 Iron Condors (RUT & SPY) and 2 Bull Put Credit Spreads (IWM & DIA).

Markets sold hard to open the week which provided an opportunity to open the put spreads in the Monthly Trading Service. While the action was nasty, the markets did not completely fall apart. Strong support (S&P 1370 and the 50 Day Moving Average) were sliced through but were regained as the week went on. The strong relief rally on Wednesday and Thursday teed up the release of the SPY call spread to create the Iron Condor for the Monthly Trading Service and deployment of the Iron Condor in the Weekly Trading Service mentioned above.

Friday's action was negative as nobody wants to go home long for the weekend. The top is probably in for the short term (S&P 1419 closing high) and while this week's low of S&P ~1360 may be broken short-term, we don't see a major sell-off in the making, not yet at least. Markets should not be too jittery next week but could see a little more downside pressure. The downside should be fairly well contained (S&P 1345-1350 should provide support if we make it that far) with a plethora of earnings and economic releases.

Have a great weekend!!

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Markets Whipsaw, Profitable SPX Weekly Iron Condor

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