Open Position: SPX Iron Condor for September 1 Cycle - Position will be closed Today.
With the barrage of economic reports beginning Thursday morning, it is recommended that this week's Iron Condor be closed before the end of the day today, Wednesday. These economic reports are outlined in Jim Brown's weekend Market Wrap.
As of the close yesterday, the debit to close the position was .50. My order remains in for .40. If it does not execute this morning, I will leg out of the position using vertical spread orders, with the goal to attain as close to the .40 to exit both sides. I will post details of the closing when complete.
As I usually mention, more aggressive traders may choose to stay in the position overnight, but it is not worth the additional risk in my opinion. I would rather be in cash going through the next two day's of economic news, and enter a new position on Friday for the September 2 cycle.
Stay keen on your risk management and trade carefully,