It is recommended to exit the SPX August 26 Weekly Iron Condor before the close today.

This has been a long week for those who entered the SPX Weekly Iron Condor for the August 26 cycle, which expires tomorrow. Our order remains in place to exit the position for a debit of $.70, which would represent the target gain of 7%. As of the close yesterday, the current debit to close is $.85.

I do not like taking positions into expiration, so I am recommending the play be closed before the end of the day today. It is just too risky to take the position overnight into the final day, in my opinion. Fed chair Janet Yellen is speaking Friday morning at 10 am EST, which would bring some volatility into play.

It is a trader's choice when to exit the position, depending on market opinion and trading schedule. I will see how the day goes, and will post closing details. As always, stay keen on your risk management and trade carefully,

Dot Hazlin