In last night's (Thursday's 2/3) column, I made an error in the number of contracts on one of my "hypothetical" positions. The new March SPX position should have read as follows:
March CPTI Position #2 -- SPX Iron Condor - 1189.89
Sell 15 March SPX 1240 calls
Total appx. credit and potential gain of $1.20 ($1,800). We've established a maximum profit range of 1120 to 1240. The maintenance is $15,000. The actual exposure is $13,200 ($15,000 less the $1,800 premium received).