The old folk wisdom about market cycles says to “sell in May and go away” until October or so. Well, we’ve unintentionally followed that advice so far this month, as we don’t have any open iron condor positions - the rally that started last month spooked us, and we’re sure glad to have stayed out so far!

But the Fed meeting on Wednesday might provide a key catalyst. Although the indices look short-term overbought, with sentiment-driven rallies like this, it might take longer than normal for reality to kick back in. In any case, we’ll be looking at the action on Wednesday to determine whether to enter a new position.

Our members, of course, will receive immediate notice of any trades we initiate.