SPX September 1 Iron Condor:
SPX September 1 Iron Condor as of the close Friday:
The position is currently +$27.59. I have modified the closing order to close the position for a debit of .40, which will net $92 after commissions, or 10.7% of the maximum margin. More aggressive traders may choose to stay in the position until the debit is .30, which would yield $102 net or 11.9%.
There is much uncertainty going through this weekend with the pending air strikes on Syria. As of this writing Saturday morning, President Obama had not yet made a final decision concerning the strikes. However, if something occurs and the market is severely affected on Tuesday, it may be difficult to execute a four-legged closing order for the Iron Condor. In this case, I would recommend closing the threatened side as a vertical, which would likely execute more quickly. Or, taking it one more step, there is always the ability to just buy back the short option if necessary. I don't mean to be overly negative about the outlook for next week, I just want to put forth the various scenarios should a hasty exit be necessary.
I will post updates on the open position early next week.
As always, stay keen on your risk management and trade carefully, Enjoy the long weekend!