The quiet market movement on Friday as well as some theta decay has our two open weekly positions in a positive gain for the weekend.
Below is the current status of the two positions:
1) SPX July 4 Put Credit Spread:
SPX July 4 Put Credit Spread as of the close Friday:
The position is currently +$35. Target gain remains at $60. Closing order is in to close the spread for .15, which will net $71 after commissions. The cost to buy back the spread at the close Friday was .45. Depending on how the market is behaving Monday, I may choose to buy back the spread for .20, which would be a net gain of $56, or 6.1%. Sometimes it is not worth the risk to wait for that extra nickel; it is entirely a trader's choice.
2) SPX July 4 Iron Condor:
SPX July 4 Iron Condor as of the close Friday:
The position is currently +$50.02. Target gain remains at $97.50. The current closing order is in for .30, which will net $92 after commissions, just shy of target gain. Again, some traders may choose to exit the position earlier and accept a slightly less gain. For example, to buy back either side for .20, or .40 for the whole position, would still net $82 after commissions, a 9.4% gain on actual margin.
An update will be posted early next week.
As always, stay keen on your risk management and trade carefully,