Well I guess today was a non-event and now that the number is out we can got back to business. The market has really been struggling the last few days, seems like it wants to go lower, but with no conviction. As I mentioned in another post, the trend lines from the symmetrical triangle from April and May seem to be acting like solid resistance. It hard for me to make a guess in just which way this market will go, but there is strong resistance we need to get through before we head higher. I almost feel like we could be stuck in this range until some economic number comes out that the market really likes or dislikes. Until that event slow and sideways would be perfectly fine for me!
Below is the trade update on my RUT iron condor. The RUT has been very weak lately and the worst thing that could happen right now for this trade is a continuation of that weakness. Based on my cash flow I’m not up as much as I would like to be, but I’m thinking of possibly taking a few off the table.
One trade that I did post was the EEM straddle. Below is the current risk graph of that trade.