Our SPY experiment is hitting full stride. Our first four SPY’s are Closed and we have five open positions (green background in the table). The rise in the SPY last week created pressure on our positions. With SPY closing above $400 we have short calls at $400 and $403. We rolled up our Put spreads to increase our premiums and reduce maximum potential loss. All five of the open positions are currently losing money. We will look to close the positions as they hit 21 days before expiration (or hit 50% of maximum profit). If SPY continues to rise we will roll our Put spreads up until the short Put strike reaches the short Call strike. (Iron Condor becomes an Iron Fly at that point).