Open Position update: SPY May Iron Condor and SPX Weekly Credit Spread for May 2
Below is the status of the two open positions:
1) SPY May Iron Condor
SPY closed Friday at 188.06. As of the close the iron condor is +$22.00. Please note that the risk graph shown below indicates a current gain of $24.88. This is not correct; my broker's platform has a bug in the calculations at the moment and it was not yet fixed at the time of this writing.
The short call strike of 190 is still just 2 points away, so the position will be monitored closely and exited if SPY reaches 190. As I mentioned last week, if the rally continues next week, SPY will still need to climb above the all-time high of 189.70 before reaching the short strike.
SPY May Iron Condor
The SPY 6 month chart is shown below, indicating the short strike.
SPY 6 month chart
2) SPX Weekly Put Credit Spread for May 2
Below is the open weekly position as of the close Friday:
SPX May 2 Weekly Credit Spread:
SPX closed Friday at 1881.14, slightly above near term support of 1880. The short put strike of 1840 is 41 points away. The position is currently $10 (risk graph shows incorrect figure). The current debit to close the spread is $.70. The OCO remains in place to exit the position for .20 (target gain), or if the debit to close reaches $1.60 ($80 max loss).
The 6 month chart of SPX is shown below showing the strikes for the current position:
SPX 6 Month Chart:
An update will be posted early next week.
As always, stay keen on your risk management and trade carefully,