SPX May 26 Weekly Iron Condor stop loss hit; position closed.

The continued surge by the bulls was too much for this week's Iron Condor; the stop loss was hit and filled at the open this morning as follows:

BOUGHT SPX May 26 2405 Call, 3.30 Debit.

SOLD SPX May 26 2415 Call, 1.05 Credit.

BOUGHT SPX May 26 2280 Put, .05 Debit.

SOLD SPX May 26 2270 Put, .10 Credit.

Net Debit (all four legs): $2.20

Net Credit to Open Position: $1.35

This represented a loss of (-$85), 10% of the margin/risk and target the pre-set max loss for the trade. Immediately after the open SPX pulled back a bit. It is always a trader's choice whether to keep contingent orders in for the open, or take them out and manage manually. Having said that, doing so also risks the possibility of a further loss if the market does not pull back. I choose to take the conservative approach so our order remained in place.

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

Dot Hazlin