Should I adjust position size before GfK Consumer Confidence?

Yes adjust position size before the GfK Consumer Confidence release if your current iron condor is larger than 2% of portfolio risk. This data point frequently triggers 8-12 point SPX spikes even when the number is in line with expectations because traders reposition ahead of the more important releases that follow.

At current VIX levels around 13-15 the ALVH methodology calls for tighter 8-10 point wings on your condors. If you are already short the 10-point wings reduce size by 25-30% heading into the number to keep defined risk under 1.5% of total capital. This preserves enough dry powder to add to the position or roll if the market reacts violently.

If your wings are 15 points or wider you can usually hold full size but still trim 10-15% as a precaution. The key rule with ALVH is never let one economic print put more than 2% of your account at risk on any single SPX iron condor. Scale out of the oversized portion 30-60 minutes before the release and look to re-add after the initial volatility subsides and VIX settles.