SPX Weekly Iron Condor to be closed before potential FOMC fireworks.
The long-awaited official "news" of potential tapering by the FOMC will be released at the conclusion of the meeting on Wednesday. It is recommended that the weekly SPX iron condor be closed either by the end of the day on Tuesday, or at the latest, Wednesday morning.
Below is the status of this position as of the close Monday:
SPX September weekly Iron Condor :
The position is currently +$42. I will target a debit to close each side for .20, but will close regardless by Wednesday morning to eliminate potential risk that could adversely affect the position with such a short time to expiration.
The monthly IWM Iron Condor position for October will remain open, and managed as per the guidelines.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully.