Open Position update: IWM November Iron Condor and SPX Weekly Credit Spread
1) IWM November Iron Condor
IWM closed Friday at 109.23. The position is currently +$77.70, or 5.6% of the current margin after adjusting. November expiration is next Friday; so I will be looking to close this position sometime next week.
Below is the current position:
IWM November Iron Condor as of the close November 1:
2) SPX Weekly Put Credit Spread
Below is the position as of the close Friday:
SPX November Put Credit Spread:
This position is currently +$57.50. Our GTC order is in to close the position for .20, which will be the target gain of $65 before commissions.
Yesterday's sudden move to the upside may have made it difficult for some of you to get filled on this spread. I had every intention of adding to my position after the trade entry was published. However, shortly after my trade entry SPX moved outside the guidelines for entry (more than a one-standard deviation move). With SPX closing at 1770.61, the move was over two standard deviations. In a case like yesterday, for those of you who may not have been able to get filled on this spread before the runup; it's best to be patient to see if the market reverses rather than chase a trade entry and risk a whipsaw on Monday. As I've mentioned before, there's always the next week to enter so there's no need to rush into a weekly position. At this point our next trade entry date for a weekly position will be next Thursday, depending on market conditions.
I will post trade updates as appropriate.
As always, stay keen on your risk management and trade carefully,