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With the SPX at 1428, let's try and put the topside onto our SPX 1335/1320 bull put spread to complete the Iron Condor. Lets"

Sell 10 SPX March 1490 calls - SXZCR
Buy 10 SPX March 1505 calls - SXMCA
Credit of about $.80 ($800)

This should not require any additional maintenance -- IF you have the bull put spread and the right broker. I did a few less contracts on this bear call spread to reduce the exposure to a possible upside breakout.

Now, we're waiting for the results of the Fed meeting. That can be meaningless or significant. It's your call whether you put on the position now or three hours from now. If you wait, and the market spikes up, common sense tells you to adjust the strike prices upward. Double check the option symbols before you trade.

Good luck and trade smart,


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