SPX September 2 Iron Condor Closed.
The bulls were clearly in control at the open today, after the news regarding a potential resolution in the Syria crisis was digested. With SPX at 1680.88, this week's Iron Condor was closed for a debit of 2.35. The net loss on this position after commissions was $-103 or 11.9%.
While it is never easy to accept a loss, I felt it was wise risk management to exit the position this morning rather than "hope" for a pullback later in the day or tomorrow morning. The short strike of 1690 was still 10 points away, some more aggressive traders may choose to stay in the position, but I felt more comfortable just accepting this week as a loss and move on to the next week.
"Live to trade another day"; the next entry will be Thursday for next week's cycle.
Stay keen on your risk management and trade carefully,