After a relatively quiet trading week, here is the weekend recap of our current positions.

SPX May Weekly Iron Butterfly Exit Order Filled.

An exit order was in to close the position for a debit of $14.25. At 1:30 pm EST, with SPX at 1628.84, the closing order executed. This resulted in a net gain of $150, or 5% maximum allocated capital. This was our target for this position. With only one day in the trade this week, we had the "gift" of a good credit upon entry, theta decay, and very little price movement. This resulted in the position reaching target so quickly.

Below is an update of 2013 results for the trade.

SPX Weekly Iron Butterfly Results

Below is the current May Iron Condor position. This position was entered Tuesday, May 9.

SPX May Iron Condor

As of the close Friday, this position is +$52. SPX closed today at 1633.70. As was posted in the trade entry article, target gain on this position is $192. The position will be exited at target gain, either short strike (1545 call, 1585 put), or at a max loss of $320. It is also recommended to close this position by the end of the day on Wednesday, May 14. The trade can also be exited at any time, if you are uncomfortable with market conditions. Because this is the regular monthly cycle, the last day to trade this cycle is Thursday, May 16.

An update on this open position will be posted early next week.

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

Dot Hazlin