Status report on SPX weekly credit spread for January 4 cycle and IWM Iron Condor for February.
SPX January 4 Credit Spread:
SPX closed Friday at 1838.70. Below is the 6 month/daily chart for SPX, showing the position strikes as well as the 20Day Moving Average.
SPX 6 Month Chart:
Below is the January 4 weekly credit spread position as of the close:
SPX January Put Credit Spread Friday:
The position is currently just above breakeven, and the short put strike at 1810 is 28 points away, with a delta of .-16. Our â€œGood to Cancelâ€ order remains in place to close the position for a debit of .15, which would represent a gain of $60 before commissions. However, I would not hesitate to close the position for .20 if the opportunity represents itself. Sometimes trying to hold out for that last nickel is difficult to get filled. Having said that, â€œifâ€ the market rallys Tuesday after the long weekend, the extra day of decay could put the position at target gain.
The position will be exited for the above gains, or the pre-set maximum loss of $80 (100% of the credit received).
IWM February Iron Condor.
IWM closed Friday at 115.96, and this position is also just above breakeven, and is shown below.
IWM February Iron Condor:
Our target gain on this position remains at 10% of the max margin/risk, or $42. The position will be exited for this gain, or the pre-set maximum loss of $63.
As always, stay keen on your risk management and trade carefully,