More housekeeping ... . Taking advantage of this down move in gold             to roll the call side of this June 17th iron condor for cheaper than I could do so at the top of GLD's arc at nearly 124. I did the roll for a $28/contract debit.

Here's the complicated part: In rolling the 117/120 out to July, I was left with an unpaired short put vertical in June. I didn't want to cover it yet, since the spread had increased in value with this down move. Consequently, I sold a June 17th 121/124 short call vertical against that unpaired short put vert for a $45/contract credit (to replace the spread I rolled). This created a June 17th 113/116/121/124 iron condor (the 113/116 was the unpaired short put vert). I'll look to take that "new" iron condor off at 50% max profit.

Now, however, I had an unpaired short call vertical in July (the one I just rolled). To complete an iron condor in that expiration, I sold a July 1st 111/114 short put vertical for an additional $51/contract credit, resulting in a July 1st 111/114/118/121 GLD             iron condor.

The result is two iron condors, one in June and one in July. Although I don't like to generally increase exposure to an instrument merely to work off a "broken" setup (here, what was the 117/120 short call vert in June), I'm comfortable doing that in GLD             due to its liquidity and the fact that I could easily see working it as a core position, particularly since gold             instruments have been on a volatility hot streak here recently (e.g., GDX             , GDXJ             ), making selling premium in them fairly worthwhile. I'm similarly comfortable with working things out this way with an instrument like SPY             , where I have trades on virtually all the time. With everything else, I like to confine the exposure to the given setup and not add setups to work my way out of a broken side ... .
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