10 More Days till Expiry
The long weekend gave us some breather - both for our positions and for ourselves. This isn’t exactly the best time to be trading iron condors. It was stressful, but I always emphasize that if done correctly, iron condors can have very minimal losses.
The drop this month made us do a costly adjustment, which thankfully was nullified with more credits from the opening of 3 more spreads (see post). Last week also saw us opening our August position. We managed to open the Bear Call Spread at 1400/1425 (sold SPX August 1400 Call, bought SPX August 1425 Call) for a credit of $1.70. We did not manage to fill the Bull Put Spread which we were asking for $2.00. Maybe today.
Futures point to a positive opening, but only barely. A bounce is due and I will not be surprised if we get a 200 point gain on the Dow. Let’s see what Mr Market feels today…
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