Recently, markets have been trending aimlessly, flirting between support and resistance. Granted this is the best market for Iron Condor trades, but the volatility could easily burst any legs within a week. I have not look at any condor trades but might start looking. I met up with an old pal of mine and he have been doing well writing covered calls on Citigroup.
Citigroup seems to be a good option for him since its cheap at USD 5 and writing 600 call contracts requires him to have 3k USD.
What does a double top in the VIX signify? I will say it could go either way. A triple top in VIX seems rare, but the MACD reading seem to show that upside to this is possible short term wise. A move lower could prove to be a catalyst for a sideways market or the freaking bottom everyone is trying to call here.