The drop in volatility following the Non Farms Payroll Report yesterday helped our open weekly position.
Below is the current status of the SPX Weekly Put credit Spread:
SPX August 2 Put Credit Spread as of the close Friday:
The position as shown on the graph is currently +$67.50, which is our target for this trade. As of the close Friday, the debit to close the position was .20. However, quite often prices fluctuate at the end of the day and are not always reliable. In any event, my order is in to close the spread for .20, which will net $61 after commissions, or 6.7% gain on actual risk/margin. If Monday is a quiet/slightly up morning, there is a very good possibility the order will execute shortly after the bell.
Because of the drop in volatility, which helped the put credit spread, there was never enough credit to open a 10 point wide SPX Iron Condor. Next week is a relatively light week economic news-wise, so we may be able to enter August 3 positions on Thursday, which will help get a bit more credit.
An update will be posted early next week.
As always, stay keen on your risk management and trade carefully,