Looking at the position at the end of today with the RUT sitting at 729.75 we are within the profit area with a current profit of $55.39 (less commissions).
Our total risk on this trade was $180 so a profit in two weeks of $55.39 gives us a 30% return before commissions. Not bad for putting on a little bit of a bull bias to this Iron Condor.
If the bullishness continues it may blow right past this trade and it may experience a loss on this single trade. For the amount of risk we have on this trade, I am willing to watch it over the next few days to see how far the market is actually able to charge up. I will be patient to wait for the eventual pull back in hopes that it will settle at expiry somewhere under my profit range. This is too good of a risk reward take it off prematurely.
RUT 730/740/720/710 May Iron Condor (position as of 5/1/08)
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