Open Position Update: SPY June Iron Condor

After Thursday's sharp market decline, SPY recovered and closed Friday at 188.05, up slightly from the previous day. Below is the status of the open SPY position:

SPY June Iron Condor

The June Iron Condor is +$9.48. Slightly long delta, the position would benefit from a slight rally next week.

SPY June Iron Condor

The SPY 6 month chart is shown below, indicating the short strikes.

SPY 6 month chart

The economic calendar is light early in the week, but Wednesday brings the release of the FOMC minutes. Investors will be reading the minutes carefully for further clarification on the QE tapering plan. This could bring some volatility to the markets Wednesday afternoon, and the position will be carefully monitored to be sure it remains within the guidelines.

An update will be posted early next week.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin