Condor Options

Exiting XLE Iron Condor After Some Good Defense

We published the following bonus trade for our members back on May 2: Buy to open XLE June 70 put Sell to open XLE June 72 put Sell to open XLE June 90 call Buy to open XLE June 92 call for a net credit of $0.47 or better. Anyone following this trade should have already exited – remember, we want to be out of any front month short options by Monday of expiration week at the latest.  Negative gamma risk during expiration week is ever…