[Another Try at Closing SPY Condor]
Dear Member:
It looks like today may provide an even better opportunity to close my condor on SPY as the S&P 500 has dropped over a point and a half as I write this alert. Instead of placing an order to close all four legs simultaneously, I am going to place separate orders, one to close the bear call side and the other to close the bull put side of the condor. The orders are as follows:
1. Simultaneously sell to close the Apr 141 call (SFBDK) and buy to close the Apr 140 call (SFBDJ) at a limit of a debit of $0.05
AND
2. Simultaneously sell to close the Apr 124 put (SPYPT)and buy to close the Apr 125 put (SPYPU) at a limit of a debit of $0.03.
Placing the orders in this fashion may be easier to get a close and will not affect the commissions I pay my broker. The total debit before commissions will be 8 cents if both spreads are closed at these limits.
DISCLOSURE: I currently hold the referenced positions and am long a Dec 140 call on SPY.
Sincerely,
Bill Kraft
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