 What's up navigation traders? I wanted to do a quick video to give you an update on what happened today and what we're looking at going forward So as you know, we had some unprecedented moves in the market today I mean the Dow at one point was down over 1600 points we've never seen a drop of that magnitude in one day ever from a point standpoint now remember The the index is much higher than it's ever been as well So we've we've seen these types of moves on a percentage basis, but as far as overall point drops A lot of records have been set today as far as this down move We're looking at a chart right now the s&p 500 you can see obviously we were down about 60 points on Friday And then on top of that, you know at one point down about 160 points in the s&p It's down about 136 is kind of where it settled after the after the close So the question is what is this? What does this mean to us? What does this mean to our portfolio and you know? I've been talking about in every weekly update I talk about the velocity of a down move can be much greater than that of an up move And the analogy I use is the market takes the stairs up But takes the elevator down and that's exactly what has happened here You can see we've grinded higher grinded higher in this in you know the first part of this year I mean it almost felt like the market was crashing up But now we're seeing what can happen when things start to move the other way So that's why it's so critical to keep that short delta in your portfolio You know I talk about this every weekly update make sure since we're selling premium You've got to keep short delta in your portfolio for protection because this market is not going to continue to go What forever and so that's what we're seeing here, but if we do a quick rundown of our positions if you look at the euro I mean it had a little bit of a down move today. We've got this strangle on you can see prices right almost dead center In our in our in our strangle here. So so looking good there with the with the ES. We did put on a A new iron condor In this market today, so if we take a look at that one first You can see with this big down move. It's still within our range. So we're still we're still okay there The other piece that we you know we took out we took off our short call vertical today And booked a profit on that piece, of course, that's been rolled. So we're not profitable on that yet But then we've also got this Long put vertical which has come in nicely too. So we'll be looking to roll this tomorrow because we want to continue to keep that short delta What happens with these types of moves is You know you may think that you have enough short delta and what happens on this big move It eats up a lot of those short delta because you're taking those positions off or you're rolling them Or you know everything that we we've been doing today And now we don't really have as much short delta as we'd we'd really like to have where it was We were a little bit over weighted before So that's just the that's just the nature of a huge move like this Which is which is really unprecedented. So On this on this long put vertical that you're looking at here You know, we've we've we've made over 800 of the over of the 1062 of max profits So we're going to be looking to roll that and continue to keep that short delta on With that position if we look at net gas still sitting good here What you'll see because of the spike in implied volatility and everything Even if your price is centered you'll see the profit line may have moved down a little bit because of that implied volatility Making the options more expensive, but we're still in good shape in net gas In the zn Price was hanging out down here at the lower end of our range and with the flight to quality with stocks down Bonds jumped up and so that resented our position there. So we're looking really good on that one On uh soy beans, I still got this iron condor not a huge move in soybeans. So looking okay there In wheat we've got these two iron condors on both prices in within range on both of these Uh, we're actually I was I did the calculation on on wheat and we're actually profitable in wheat now So once we take these two off, we'll actually close out this wheat position for a profit assuming we don't have Some crazy move in the grains Uh in dia, you know, huge huge move in the dow So, you know, these these short call verticals which were originally part of iron condors have finally come in nicely So we'll be looking to roll those, you know, potentially tomorrow or sometime this week So we've got that one with three contracts. We've got this one with four Uh, the market's closed right now. So don't don't pay attention to the profit line That's gonna that's gonna come back to where it needs to be when the market opens tomorrow But we'll be looking to roll these, you know We we we've been kind of rolling these as they've been going against us And now we'll roll them as they're going for us And and give us that ability to get back to profitability and some of these that we've been holding For that short delta We do have a a full iron condor In in dia and it did blow through the uh lower break even on that one So we'll be looking to adjust that one tomorrow. So look for that Sometimes when when you're in the In the presence of a huge move like this Um the markets get a little bit wide. So it does get hard to fill your orders So you've got to put in limit orders absolutely do not use market orders Use limit orders and let price come to you when these when we're having these massive swings like we saw today You just need to put in the price that you want to get filled at And let the market come to you and and that's why you know I was trying to get filled on an adjustment to this and I didn't get filled even though price You know blew through that break even point, but don't panic. You've just got to stay patient Let the market come to you things will settle down Markets will tighten back up As far as the bid ask spreads and and it'll get easier to get filled But you've got to stay patient and this is one of the key reasons why we want to keep our position size small Because of big moves like this and why we want to keep that short delta If we keep going we look at e-w-w, you know price is way up here It's come down nice and centered here Uh not as much profit as we would have if if implied volatility didn't spike, but we're looking good in e-w-w Same with e-w-z. You know price made a big move down, but still well within our range there fxi the chinese large cap price is way down here And now now prices come come into center. So we're looking good there gld sorry my dog vix is barking in the background Uh gld uh popped up just a quarter percent not a big move in gold You know a lot of times if stocks are selling off you'll see a an uptick in gold But we didn't really see too much there, but we're really nice and centered in our iron condor in gld IBM this is one that we rolled, you know with the pop-up and implied volatility Uh, you can see we are down but still well within our range. So just playing the waiting game in ibm iwm had a had a lot of short delta in here Along with this iron condor. So it did blow through the downside of our iron condor Again, don't pay attention to the profit line with the market closed right now But we did book a uh a piece of that on our short call vertical today So we got out of that Obviously could have made a little bit more had we held it But we didn't know the market was going to continue to the downside like it did But we'll but what we'll look to do in iwm is we will look to add another iron condor with this spike up in implied volatility We'll continue to keep that short delta in our portfolio Uh in vidya, so this is an earnings play, you know, we got we got stuck on this right? I mean the the market with that huge move down We're gonna probably take a loss on this unless things happen to turn around and we have a v bottom and just fires back up But uh, but we'll hold it a few more days see if we can't get back to maybe break even or or make back a little of that I don't want to take it off on a huge down day We might as well wait for a little bit of an update see if we can't pair down some of the losses on that one Uh, and obviously we needed that in our portfolio for long delta And it's a historically a very good setup when it comes to earnings plays But of course with a with a huge move down in the market like this Not too many stocks. We're seeing we're seeing any upside. So Uh, we'll probably take a loss on that but but look to probably get out once we see a a little bit of an up move In the cues, so we've we've we had a lot of short delta in the cues. We've got uh, you know Two of these short call verticals That were previous iron condors come in really nicely. So we'll be looking to roll those Tomorrow or into the rest of this week. So we've got this one. Let me reset this real quick So we've got this one here And So you can see we've we pulled a nice Bit of chunk of chunk of profit in this piece. So we'll roll that to keep that short delta Along with this one kind of a similar just a little slightly different strikes Uh, but we'll look to continue to to manage that one By rolling now this one here, which this is the loan position. We still have in our other account You know, it's come all the way back in here. So if we get a little bit more of a down move We'll we'll probably just close that one out and then keep these these other two verticals in place Uh tesla same story is in video Nvidia. I mean, this was an earnings play We just got you know, it got caught and that's this huge downdraft So maybe just look for a little bit of a pop-up and uh and get out of that one and take a small loss there Xlu the utility is still very centered. So price is up here, but it moved down a little bit still in good shape there An xlv so so this is one where we've got two two pieces of this on We've got this short call vertical, which was part of your iron condor And prices come back nicely in that I was trying to get filled on that did not get filled today So hopefully we kind of stay stay here to lower and we'll get out of that and book a little profit on that piece And then this one here if it continues to move lower We will need to adjust again. I was trying to get filled here But but bid ask threads were so wide with this huge move that we didn't get filled So we'll continue to monitor that and make adjustments as necessary there xlp Excuse me xlp is the oil related ETF that we put on in on the trade of the week this morning And uh still very centered even though even with that three plus percent down move We're still well within our range, but with that huge spike in implied volatility You're going to see your position down some so nothing to do there except for play the waiting game And in xrt, uh still in good shape here I just need a little bit of a up move there and some implied volatility contraction to benefit both of these You know if we do continue to move we'll we'll continue to roll down our calls to adjust those positions, but Still in okay shape there Now the other thing is you know with implied volatility. So hi We do want to be adding with a jet whether it's with adjustments or entering new positions So what I like about our portfolios were very diversified and I don't want to get too over weighted Because this thing could continue to move down or it could shoot back up And I don't want to put ourselves in a position where we're too over weighted But you know depending on where you're at With your portfolio You know now is definitely a time to be putting on positions with the with a huge spike up in implied volatility You're going to see most stocks and ETFs where the implied volatility or the percentile on the rank is pinned at 100 Now keep in mind that doesn't mean that's the highest that implied volatility can go But it is a measure of where it has been So you don't want to load the boat. It doesn't mean it's it's the time to just load up and and jump in and everything But it is a good time to be scaling into positions adding new positions. And that's what we will continue to do So I hope that was helpful Just wanted to give you an update in light of the huge massive move that we saw today Usually we just do our kind of end of week But I wanted to jump in here and give you these give you my thoughts and details Of what we're looking at for the rest of the week and how we manage situations like this So I hope it was helpful talk to you soon