Should I adjust position size before Building Permits Prel?

Before the Building Permits release, reduce your position size by 30-50% if you are already in an iron condor or plan to enter one. This data point frequently triggers sharp short-term moves in SPX, especially when it deviates from consensus, and can push price through one of your short strikes even on moderate VIX levels.

Under the ALVH methodology, keep your total portfolio risk below 1.5% of account equity ahead of this release. If your current iron condor already uses 2.5-3% risk, cut contracts now rather than wait for the print. Focus on 45-55 DTE condors with 12-15 point wing widths; tighter wings amplify gamma risk around economic prints.

VIX above 18 already prices in some uncertainty, but Building Permits still carries surprise potential. Scaling down now preserves capital and keeps you in a position to add size post-release once implied volatility normalizes and the real price reaction is known. Do not add to existing positions before the number. Adjust size first, then reassess direction and new levels after the print.