** Iron Condor SPX Jun Cycle

[Steven Place]

Going to put on a 200 point wide iron condor in the SPX:

Sell to open Jun 1760/1750 bull put spread for 1.10
Sell to open Jun 1960/1970 bear call spread for 1.15

These are about the 15 delta short strikes.

If the SPX moves to 1925, we will roll up the put spread higher, and buy some VXX puts.

If the SPX moves to 1800 we will buy some out of the money put calendars to hedge.

[Steven Place]

Closing this one out for about a 13% return on risk. I"d chase for more but the market looks like it's going to breakout here so I'd rather stalk reentries than try to adjust a trade gone bad.

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