A quiet end to the trading week put our open positions off to a good start.
SPX September Weekly Iron Condor:
SPX September Iron Condor as of the close Friday:
The position is currently +$15.00. My closing order is in to close the position for a debit of .40, which will results in a net gain after commissions of $111, or 13.1% of actual margin. Execution can sometimes be easier by closing the position as two verticals, in lieu of waiting for a fill on a four-legged spread, so this position could also be exited if the debit to close either side reaches .20.
I recommend closing this position by the end of the day on Tuesday, or at the latest Wednesday prior to the FOMC announcement and Chairman Bernanke's press conference. This long-awaited news on "taper, no taper" could bring some volatility to the market Wednesday afternoon.
IWM October Monthly Iron Condor:
IWM October Iron Condor as of the close Friday:
This monthly position is currently +4.06 and remains well centered. The delta of the short call is .19, and the short put is -.17, so no adjustment is necessary at this time.
I will post updates on the open positions as appropriate.
As always, stay keen on your risk management and trade carefully.