Patiently Watching And Waiting

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Both Trading Services have been fairly quiet this week as we have been waiting or market to break out of the triangle pattern (see below):

You can see where the S&P broke the triangle pattern by jumping above it today (the red circled candle). A break like this typically means there is more upside to come. This break also brings the S&P back up near the QE highs. Tomorrow's Non Farm Payroll report could be the catalyst to push higher.

We have been waiting for this to happen and not placing (or forcing) any trades. The Iron Condors in the Monthly Trading Service are in great shape with this trading action. With any strength tomorrow we will look to complete our IWM Iron Condor by selling calls; the put side is already open.

The Weekly Trading Service has a nice S&P Weekly Iron Condor 1390/1400/1485/1495 set for expiration at tomorrow's open. Our initial credit was $0.60. We are looking for a +6.38% gain upon successful expiration Friday morning, which we anticipate. With the S&P trading around 1461 near Thursday's close, a gap up of >23 points would be need before our calls become threatened. Conversely, a gap down of >60 points would be needed to threaten the put side. Either of these events are highly unlikely, despite the rlease of the NFP report at 8:30am.

Any continued strength tomorrow will present a great opportunity to open new Weekly & Monthly Service trades. Stay tuned!

Navigate wisely and stay profitable, my friends. Happy trading!