Trade Alert – Closing Upper Spread on SPY Condor

Today we are closing the position as follows:

Trade: Buy to Close SPY January 130 Call AND Sell SPY January 132 Call

Premium: $28 (0.28) Net Debit or better per contract

Underlying Price: $129.15

Trade Explanation: For the Iron Condor portfolio we are exiting the SPY call spread half of the SPY condor early ahead of expiration week. Similar to the SPX credit spread trade we are also exiting we feel at this point that taking a small hit to our portfolio is much better than dragging this loss into expiration week and seeing significant losses pile up.

This will result in leaving the more profitable lower end Put spread open until expiration to capture all of the premium we have left on this side of the condor. Regarding the IWM condors, we feel those are still very safe with only 3 days left until expiration we do not anticipate closing/adjusting those at all.

As always, please continue to check the membership section for more updates and alerts.