Wow! Step away for a bit for a long Labor Day weekend...
Come back after a couple days and a LOT has changed! (Technical difficulties slowed my return. We're back tonight.)
For starters, 5 of our 6 positions closed out between last Friday, yesterday and today. 3 closed positive for us, and 2 closed at the stop. Overall though, we came out ahead on those 5 trades.
IWM -- Iron Condor, October expiration -- 120/121/108/107 -- we stopped out of this one. It hit a high today of $117.80. Apparently, that was too close to the 120 strike for our rules. So we lost on this position. At least, because we followed our rules, we didn't lose too much. Down $12 calculated net.
GM -- September expiration sold the 33.50/33 put vertical -- closed out yesterday at our profit target. Glad this closed yesterday and not today though! We won on this one with a calculated net of $7.
Looking at GM and IWM made me stop to look at the news. Yesterday was a mixed day among the US indices. Today was down on all three. Interesting.
MU -- sold the October expiration 32/31 Put. -- Well, this one stopped out on us, unfortunately. Fortunately, we only lost $7 on it. So that was a wash with GM.
YHOO -- sold the September expiration iron condor 40/41/33/32 -- This one was a winner! (I love it when this happens!) We bought it back from $0.01 per share, or $1 for the contract! Net result -- profit of net $35. Hurrah!
TWTR -- Another winner! we sold the October expiration Put 43/42 -- Net income $18.
Overall for the last week we made $41 on our trades, net positive in paper money.
We did learn something rather important this week as well. Iron Condors on IWM are not working well for us. We lost on the last 5 condors we put on with that underlying. So, we're not doing that anymore, at least not in the near future!
MU -- sold the October expiration 32/31 Put. -- Well, this one stopped out on us, unfortunately. Fortunately, we only lost $7 on it. So that was a wash with GM.
YHOO -- sold the September expiration iron condor 40/41/33/32 -- This one was a winner! (I love it when this happens!) We bought it back from $0.01 per share, or $1 for the contract! Net result -- profit of net $35. Hurrah!
TWTR -- Another winner! we sold the October expiration Put 43/42 -- Net income $18.
Overall for the last week we made $41 on our trades, net positive in paper money.
We did learn something rather important this week as well. Iron Condors on IWM are not working well for us. We lost on the last 5 condors we put on with that underlying. So, we're not doing that anymore, at least not in the near future!
New Positions:
GLD -- Looks good for a call option, but the one within our rules is a bit too close for our comfort. the other one that fits our delta rules is just barely outside our return rules.
IWM -- So even though we're avoiding condors on this, this one looks good for a call option. We're putting a conditional order on to see if it goes down again tomorrow. If the price does go below $115.52, we'll be entered into the trade. Selling the October expiration call vertical 119/120.
And I think that's it for tonight -- we're not at our 5 positions that we like to be in, but I'm tired and need to call it a night.
Happy Thursday!
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