The market cooperated just long enough for us to exit this week's Iron Condor for target gain in one day.

After the last several days, I wanted to post a brief update on the SPX weekly Iron Condor. We were able to eliminate the weekend risk this week and enter the position Monday, receiving a decent credit of $1.25. The market cooperated just long enough yesterday to exit the position for target gain of 7.4%. Shortly after the exit order filled, the market pulled back sharply; SPX closed at 1920.21. I feel it's very prudent to mention how important it is in this market to not get greedy and try to obtain more than target. Yesterday was a perfect example of how quickly things can change.

SPX 6 month chart:

As of this writing about 10 minutes before today's open, it appears today may be a continued pullback. It remains anyone's guess as to how far it will retreat, or if some buyers will step in as they have done so many times recently.

I wanted to take this opportunity to post the results for the weekly Iron Condor. Since this strategy was entered into the trade plan, the average gain per week has been 6.8%. So far it has been able to handle the "whipsaw" movement, so a new position will be entered once again for next week's cycle. Depending on the market conditions, the new entry will be either Thursday or Friday of this week.

SPX Weekly Iron Condor Results:

I will post an update tomorrow.

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

Dot Hazlin