SPX chart as of Friday close
(Click on image to enlarge)
McClellan at -124 neutral
60.19% are above their 20 SMA (neutral but close to overbought)
68.89% are above their 50 SMA (neutral but close to overbought)
To me this is no man's land here with decent room to move either way. I wouldn't open aggressive credit spreads at this point.
The 1590-1600 area should offer support on the way down, and below that is the 1540-1550 zone. I believe we won't get down there, but I think a visit to below 1600 this year is in the cards. Of course,.....with my shitty performance this year, it doesn't matter what I say or what anybody else thinks for that matter. Market timers, hedge funds etc have had it very hard this year, and the dumb money and mutual funds are winning the battle. We are quickly approaching the summer, historically a weak period for the markets and we'll see if the unstoppable up trend will continue.
SPX 1540/1545/1715/1720 Iron Condor
RUT 905/910/1025/1030 Iron Condor
Action Plan for the week
Hopefully close the 1025/1030 side of the RUT Iron Condor, for a small win or a scratch. Definitely want to remove that risk. Other than that, It's time to start looking at July positions. So, I might enter a July Iron Condor late in the week.
Fairly light week with more weight on Thursday
Markets closed on Monday
Wednesday - German Unemployment and German CPI
Thursday - Initial Jobless claims, US GDP, Pending Home Sales
Friday - Personal Spending, Chicago PMI, Michigan Consumer spending
Good luck this week folks!
Check out Track Record for 2013