PASSING ON WEEKLY MECHANICAL INDEX ETF IRON CONDOR

With volatility rapidly bleeding out of the index ETF's (SPY, IWM, DIA, QQQ), it's not looking so hot for me to set up my weekly mechanical index iron condor, something I usually do on Tuesdays. My cut-off to set these up is IVR (IV Rank) 35 (52 Week TOS), and the index ETF's respective IVR's are currently below that. There's nothing that ruins your day more than putting on a credit spread or selling an iron condor in a low volatility environment, only to have volatility pop thereafter ... .

If anything, that low volatility environment we had between mid-March and August end taught me to be patient. That 35+ IVR could rapidly appear later in the week or some time the next ... .