Iron Condor For Range Bound Market on Whipsaw Wednesday
It was a manic, whipsaw Wednesday with the Fed providing the fireworks. There was nothing unexpected in the Fed Minutes, no QE announcement, and the S&P had a 12-point range as a result. Ultimately, the S&P closed flat as a pancake for the session.
We opened a new Iron Condor in the Monthly Trading Service today in response to the recent market swings. We selected August strikes generating a very nice $0.42 credit for the $2 wide spread. July OpEx is too close and decay is not advantageous enough to sell premium at these low volatility levels this close to OpEx.
The Weekly Trading Service remains in 100% cash. We would rather sit idle than force a trade. We have a few ideas on the radar but are waiting for the right conditions.
Stay tuned! Thanks to you all and have a great day!!!
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