SPY July Iron Condor Closed for Target.

When I posted the article earlier this morning recommending not to enter the SPX Weekly Iron Condor, I had not been watching our monthly July SPY Iron Condor closely. With a monthly position, when the market is quiet I usually set alerts for any adjustment trigger points to help minimize screen time, and check the position a few times daily. I was pleasantly surprised a short while ago when I checked to see it was at our target gain.

The trade was exited for a debit of $.40, representing a gain of $41. The gain was 10% of the margin/risk. The drop in the VIX which has hurt entry premiums for new positions, helped this trade reach target after just 11 days. When the trade was opened on June 9, the VIX was at 11.25, so has dropped about 7% from entry.

I do look forward to a slight pop in volatility that may make a new trade entry next week look more favorable. There is a fair amount of economic news on the horizon, so it's possible we will see some increased volatility. A summary of the major news releases follows:


10:00 am Existing Home Sales


10:00 am New Home Sales


8:30 am Durable Goods Orders

8:30 am GDP


8:30 am Jobless Claims

8:30 am Personal Income and Outlay

I will post an update mid week concerning the next weekly trade entry.

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

Dot Hazlin