Open Position: SPX Iron Condor for August 5 Cycle will be closed today.

As of this writing, futures are cautiously higher, but only slightly. As of the close yesterday, the SPX Iron Condor for this week's expiration is just slightly under water ($5.00). It is recommended that this position be closed before the end of today (Wednesday). Thursday morning's economic news before the open (GDP and weekly jobless claims), as well as the heating up of the Syria situation, could bring another downdraft in the market.

Closing a position at breakeven, or a small loss, is wise risk management, especially with weekly positions. Thursday is a new trade entry day after the economic news settles down, as long as market conditions are calm.

I will post trade entry details if/when a position is entered tomorrow.

Stay keen on your risk management and trade carefully,

Dot Hazlin