Should I adjust position size before Spain April preliminary CPI +3.2% vs +3.4% y/y expected?

The Spain April preliminary CPI came in cooler than expected at +3.2% versus +3.4% anticipated. This is mildly bullish for risk assets and tends to suppress VIX by 0.2–0.4 points on average in the hours following the release. For an SPX iron condor this usually means slightly higher win probability on your short strikes in the near term but does not justify a material change in position size.

Stick to your ALVH rules. Only increase size if VIX is above 18 and your defined wing width is at least 1.5 times your credit received. If you are already positioned with proper 45-55 delta short strikes and 25-30 point wings, keep the same lot size. The data point is too low-impact to override your core risk parameters.

If your current condor is within 8-10% of max loss already, consider trimming 25% of the position into this volatility dip to lock in some theta. Otherwise hold size steady, rebalance deltas only if SPX moves more than 0.6% post-release, and let the iron condor continue harvesting its daily decay. Spain CPI is noise, not a regime shift.