Hold onto your hats and ride out the storm.
Today is shaping up to be a historically ugly day in the market as the UK votes in favor of Brexit. With SPX futures currently -80 points, it's hard to say whether there will be a bounce after the open.
For those in the SPY July Iron Condor, the guidelines call for exiting the position if SPY reaches either short strike. As of this writing, SPY is trading at 202.94 in the pre-market session. The short put strike is at 201; we will follow the guidelines and exit the position if SPY continues to melt down to that level. It is a trader's choice, however, whether to stay in the trade depending on your market outlook; there could very likely be a bounce from this gap down next week.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully,