The bulls brought major indices into positive territory for the year Friday.

The broad market surged higher once again yesterday, both the SPX and Dow Industrials are now in positive territory for the year. SPX gained 8.97 points to close at 2049.56, a .5% gain.

Below is a summary of our open positions:

SPX Weekly Iron Condor

The March 4 Iron Condor was opened Friday; position details below:

- SOLD SPX March 4 2075 Call, 2.10 Credit.

- BOUGHT SPX March 4 2085 Call, .90 Debit.

- SOLD SPX March 4 1985 Put, .90 Credit.

- BOUGHT SPX March 4 1975 Put, .65 Debit.

Order was filled as an "Iron Condor" for $1.45 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $855.

Target Gain: 7% of margin/risk or $60.

Max loss: 10% of margin/risk or $85.

Below is the risk graph of this week's position:

SPX March 4 Weekly Iron Condor:

Below is the SPX chart showing the short strikes:

SPX 6 month chart

The position is slightly above breakeven, the current debit to close is $1.30. It is negative delta, and would benefit from a slight pullback early next week. Our order remains in place to exit the position for target gain or max loss.

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPX stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPX reaches either short strike. It is recommended to have "good to cancel" order in for both target gain and max loss. The setup of conditional orders can vary by broker, so please check with your broker if you are unfamiliar with conditional orders on your trading platform.

SPY April Iron Condor

This monthly position was opened on Monday, March 7. Position details below:

- SOLD SPY April 208 Call, .57 Credit.

- BOUGHT SPY April 213 Call, .09 Debit.

- SOLD SPY April 185 Put, .98 Credit.

- BOUGHT SPY April 180 Put, .59 Debit.

Order was filled as an "Iron Condor" for $.90 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($500), less credit received.

Margin/Risk for this trade: $410.

Target Gain: 10%of margin/risk.

Max loss: 15% of margin/risk.

Below is the risk graph of this position as of the close Friday:

SPY April Iron Condor:

SPY closed Friday at 204.38. The position is slightly below breakeven and very short delta, so it will benefit if the market pulls back.

Below is the SPY chart showing the short strikes:

SPY 6 month chart

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPY stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPY reaches either short strike. It is recommended to have a "good to cancel" conditional order in to exit the position for target gain or max loss. Please follow your broker's specific guidelines on the setup of conditional orders as they can vary by broker.

RUT April Iron Butterfly

This monthly position was opened on Thursday, March 17. Position details are below:

- SOLD RUT April 1070 Call, 21.20 credit.

- BOUGHT RUT April 1120 Call, 3.00 debit..

- SOLD RUT April 1070 Put, 21.50 credit.

- BOUGHT RUT April 1020 Put, 7.70 debit.

Order was filled as an "Iron Condor" for $32.00 net credit (all four legs).

BOUGHT RUT April 1130 Call.

Call order was filled for $1.70 debit

Margin/Risk is calculated by the width of the wings ($5,000), less credit received plus the cost of the long call.

Margin/Risk for this trade: $1,970.

Target Gain: 5% of the gross margin ($250/contract)

Max loss: 10% of the gross margin ($500/contract)

RUT rallied up to the first upside adjustment the day the position was entered. The position was adjusted the following day (Friday, March 18), as follows:

Upside Adjustment March 18:

BOUGHT RUT April 1070 Call, 33.05 debit.

SOLD RUT April 1120 Call, 6.90 credit.

SOLD RUT April 1090 Call, 20.10 credit.

BOUGHT April 1140 Call, 2.65 debit.

Net debit (all four legs): $8.70

The position summary after the adjustment is as follows:

SHORT April 1090 Call

LONG April 1140 Call

SHORT April 1070 Put

LONG Apri l 1020 Put

LONG April 1130 Call purchased at trade entry to cut deltas.

The position is now a 20 point wide Iron Condor.

Expiration breakeven is at 1111; so the position will be evaluated early next week before making a second upside adjustment.

Below is the risk graph of the position as of the close Friday:

RUT April Iron Condor:

New Test Kitchen Trade; SPX Bearish Butterfly

This new trade was entered in Paper Money Wednesday, February 24. Position details are below:

- BOUGHT 3 SPX May 1 1915 Put, 73.40 debit..

- SOLD 6 SPX May 1 1875 Put, 58.10 credit.

- BOUGHT 3 SPX May 1 1825 Put, 43.40 debit.

Order was filled as a "Butterfly" for $.60 net debit(all three legs) per butterfly.

Margin/Risk is calculated at $1,000 per unit, plus the cost of the butterfly,

Margin/Risk for this trade: $3,180.

Target Gain: $500 for the 3-unit position

Max loss: $750 for the 3-unit position

As stated in the guidelines published February 17, the target gain and max loss may be modified depending on length of time in the trade, etc. Since this is a new trade being incorporated into the plan, we will evaluate progress as time goes on.

On Thursday, March 17, with SPX trading at 2034, a small adjustment was made to smooth the upside T +0 line. Adjustment details are below:

- SOLD (2) SPX May 1 1915 Puts, 13.40 credit.

- BOUGHT (2) SPX May 1 1895 Puts 11.10 debit.

- SOLD (2) SPX May 1 1825 Puts, 5.80 credit.

- BOUGHT (2) SPX May 1 1845 Puts, 6.90 debit

The adjustment filled for a net credit (all four legs) of $1.20

Below is the risk graph of this position as of the close Friday:

SPX May 1 Bearish Butterfly:

The position is flat delta, which is expected, and a little above breakeven. We will continue to let it work as per the guidelines. While the position would welcome a pullback, we will evaluate next week to see if the third contract should be rolled similarly to the first two.

Trade updates will be posted as appropriate.

Next week's economic news is summarized below:

Monday

10:00 am Existing Home Sales

Tuesday

9:45 am PMI Manufacturing Index

Wednesday

10:00 am New Home Sales

10:30 am EIA Petroleum Status Report

Thursday

8:30 am Jobless Claims

8:30 am Durable Goods Orders

Friday

Markets Closed; US Good Friday Holiday

8:30 am GDP

Updates will be posted as appropriate.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin