I'm in Atlanta preparing for this weekend's CPTI seminar. Well, many of you know that Fridays are my favorite day to trade - to get that little bit of extra premium - rather than waiting until Monday. So, what the hell, let's go for it again.
We're going to put on another SPX Iron Condor today -- with the SPX at about 1265.
Sell 10 March SPX 1335 calls - SXYCG
Buy 10 March SPX 1350 calls - SXYCJ
Credit of about $.65 ($650)
Sell 10 March SPX 1190 puts - SPOOR
Buy 10 March SPX 1175 puts - SPTOO
Credit of about $.75 ($750)
Total net credit and profit potential of $1.40 ($1,400). Maximum profit range is 1190 to 1335. That's 145 points. Maintenance is $15,000 (IF you have the right broker). Always double check the symbols before placing your orders.
I know we already have a 1190/1175 position. We're just adding to it.
Good luck and trade smart!!
Have a great weekend.