It's time to put on the other side (bear call spread) of the August position.
Sell 12 SPX August 1265 calls
Buy 12 SPX August 1280 calls
Credit of about $.65 ($780)
This is the top side of the bull put spread we put on last week. There's about a 60 point cushion between where the SPX is trading and our short strike prices. This gives us a total maximum profit range of 1140 on the bottom to 1265 on the top. It doesn't get much better than that. We're going to have to wait a little less than eight weeks, but do you have any other plans for that money? A trip to Ethiopia perhaps?
If this August Iron Condor works out, we'll be able to show a profit of $2,100. There should be no additional maintenance required -- assuming you have your account with the right broker.
Remember, adjust the number of contracts to the size of your trading account. Don't get greedy because you'll live to regret it. Let's just take what the market gives us.
Good luck and trade smart!!