Open Position update: IWM December Iron Condor and SPX Weekly Credit Spread
1) IWM December Iron Condor
IWM closed Friday at 110.86. The position is currently at breakeven. Our short call strike is still almost 5 points away, but a pullback would be welcome. We will watch carefully for the upside adjustment point, which is when the short call delta reaches .28 - .30, or approximately1 point before the short strike.
Below is the current position:
IWM December Iron Condor as of the close November 15:
2) SPX Weekly Put Credit Spread
Just before the close, the order to buy back this spread for .15 filled. The gain on this position was $60, our target before commissions. This represents a yield of 6.5% on actual margin.
The next trade entry date will be next Thursday, as long as market conditions are within the guidelines. SPX closed Friday at 1798.18, just shy of the milestone level of 1800. We will evaluate the market movement early next week and decide on the most appropriate position to enter. I will post an update mid-week with my thoughts and recommendation.
As always, stay keen on your risk management and trade carefully,