After spending the weekend looking around for a couple of good candidate positions I was able to find a good one and get filled in the OEX
- April 2006 565/570 Bull Put Spread
- Sell 570 Put & Buy 565 Put
- Filled for $0.35
- April 620/625 Bear Call Spread
- Sell 620 Call & Buy 625 Call
- Filled for $0.20
- April 2006 565/570 620/625 OEX Iron Condor
- Total Credit of $0.55
- Margin requirement is $500 per contract
- Total credit is $55 per contract
- Return of 11% if all goes well
- Probability 80.17% chance that the OEX will close between 570 and 620
I’m pretty confident in the position. 20 points is big for the OEX, it will take a major move upward to challenge the Call side of this condor. I’m not so confident in the recent market rally, so this looks good. It is important to note that the April expiration cycle is a long one, so this money is on the table for 33 days! However, 11% in 33 days isn’t too bad!
I’ve also setup alerts in my
trading software for the
OEX, if something goes wrong my cell phone will start paging me like crazy! It’s nice to be able to place a trade and somewhat walk away for a few weeks 
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