Below is the current status of the two positions:
1) SPX August 5 Call Credit Spread:
SPX August 5 Call Credit Spread as of the close Friday:
The position is currently -($12.45). Closing order remains in place to close the spread for .20, which will net $66 after commissions, and target for the position. The position will be closed at a max loss equal to the credit received, or $90.
2) SPX August 5 Iron Condor:
SPX August 5 Iron Condor as of the close Friday:
The position is currently +$22.54. I have modified the closing order to close the position for a debit of .40, which will net $97 after commissions, or 11.4% of the maximum margin. More aggressive traders may choose to stay in the position until the debit is .30, which would yield $107 net.
I have updated the cumulative results of the weekly Iron Condor for the 8 weeks I have been recommending this position, and the spreadsheet below outlines these results:
SPX 10-point wide Iron Condor results:
With an average weekly return of 7.4%, the annualized potential gain on this weekly strategy is excellent. Having said that, I also understand that trading weeklys does not suit everyone's trading style, or lifestyle. To accommodate those of you looking for a longer term trade for your portfolio, beginning with the October cycle I will begin posting/recommending monthly Iron Condors on some ETFs. The trade will be designed to be entered 30 - 35 days prior to expiration, to give traders some flexibility on entry depending on your schedules. I will post trade guidelines closer to the entry date for the October cycle.
I will post updates on the open positions early next week.
As always, stay keen on your risk management and trade carefully,