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The RUT index closed today at $526.08 with IV = $33.43%. With 7 days remaining to June expiration, one standard deviation = $24. Therefore, our $570 calls are 1.8 std. dev. from the current index price and the $420 puts are 4.4 std. dev. away. Since our last blog on Tuesday, the markets have basically traded sideways. Our condor is in excellent position, with nearly two standard deviations of safety margin on the call side and over four standard deviations on the put side. I like this position because my fear continues to be for another downside drop in the market (I just don't see any encouraging economic news) and we have plenty of room on that side. My normal rules for closing my condors are to close on either the Friday or the Monday before expiration if the short strikes are within two standard deviations of the index. In a case like this one, I will watch the call spreads closely; given that we are at 1.8 standard deviations today, I probably won't consider closing these until Monday at the earliest. If you are more conservative, I recommend you simply close on the Friday before expiration (tomorrow). I use the two standard deviation rule because I hate to give away those last few hundred dollars in time value and commissions and I think this is a reasonable level of safety margin. But expiration week can be very volatile, so watch your positions very carefully if you choose to take them into next week.