ROLLING SPX JUNE 24TH 2105/2120 SHORT CALL VERT TO JULY 8TH

Not every trade works out ... . The original notion of this iron condor was that, pre-Brexit, we'd pin at 2085 or so as traders basically sidelined themselves waiting for the outcome. No such luck with late polling showing a Remain lead. At market open, I closed out the short put side and then rolled out the call side (for a $35/contract credit; this was before price broke 2105) for a couple of more weeks to let the market digest the vote and then go from there. Since it looks like we're going to see more upside, I also sold a put side against for an additional $80 credit (I just noticed that I did a $10 wide; I'll widen it to $15 if there is continued movement to the upside and I can sensibly roll the put side in).

Currently, my scratch point is $750/contract (excluding fees/commissions). (The scratch point is calculated by taking the total of the credits received for the original setup, plus any rolls, and subtracting the total of the debits, fees, and commissions paid). The original setup was put on for about a $300/contract credit, at which time I was shooting for 50% max profit or about $150/contract. Consequently, I'll look to take this off at the scratch point ($750) minus that $150 target or about $600/contract.

Trade closed: target reached:

Got filled at NY open today for a $530 debit ($70/contract better than the order I had in), so netted about $220/contract (exclusive of fees/comm's, which were about $61 total for the whole chain), leaving me with about $159 net profit. As luck would have it, I could have probably just left the original setup alone and dispensed with most of the rolling and landed in the same place net profit wise. All I did with all that rolling was make my broker really happy ... . Lol.