Open Position: SPX Iron Condor for September 4 Cycle closed .
Further to this weekend's position update, the market did follow through this morning with more downward movement from Friday. I decided it was best to exit this week's Iron Condor rather than to adjust, especially with all the continuing "news" creating a lot of volatility in the market.
Shortly after the open this morning, the call spreads were exited for a debit of $.05, and the put spreads closed for a debit of $1.50. This resulted in a loss of ($-15.00) before commissions.
This week is a very heavy week of economic news as outlined in Jim Brown's weekend market recap. In addition, discussions are heating up in Washington relative to the looming deadline over the debt ceiling and budget. The usual trade entry date for next week's cycle is Thursday. However, I will re-evaluate on Thursday and may consider sitting out of the next weekly cycle. As I've said before, cash IS a position and it may not be worth the risk to enter a new weekly position with so much volatility. I will post an update Thursday morning.
This morning's move did help our IWM October Iron Condor. As of this writing, the position is +$21.00.
Below is the current graph of the position:
IWM October Iron Condor as of Monday mid-morning:
Target remains at $41 for this position, which is 10% of the actual margin/risk.
Stay keen on your risk management and trade carefully,