The continued bullish action was too much for the September position, and it was closed a short while ago as per the trade guidelines.

This position's stop loss triggered, and closed as follows:

- CLOSED XSP September 200 Calls.

- CLOSED XSP September 205 Calls.

- CLOSED XSP September 183 Puts.

- CLOSED XSP September 178 Puts.

Closing order executed as a single order: BUY " Iron Condor" .

Net Debit to Close Iron Condor: $1.43 (all four legs)

Net Credit to Enter Iron Condor: $.80 (all four legs)

Gain (Loss): Loss of ($63).

This represented 15% of the margin/risk and the pre-set max loss for the trade.

As a side note, I mentioned in my weekend update that one of our readers, George, had the same position on SPY, and his stop loss was hit yesterday. Thanks to George for sharing your trade.

This week has not been kind to the non-directional Iron Condor. However, we stayed with our tight risk management plan and exited as per the trade guidelines. As I've written before, I feel this type of risk management is most important when looking at the bigger picture.

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

Dot Hazlin