 Welcome Navigation Traders. Today is Friday, January 20th. Happy Friday, happy inauguration day. I have not had a chance to watch the ceremony at all, but I've deviated, so go back and check out what happened. Regardless of which side of the fence you fall on, if you're pro-Trump or against him, I think all of us could agree that the next four years could bring some serious volatility into the markets, and as a trader, that is good. So we'll see what happens, but hopefully it brings some good opportunities for us Navigation Traders. A little housekeeping note, I know last week some of the members had an issue getting into the Income Alerts section. There was an issue when we posted the video for whatever reason it wouldn't load the page. So my developer has gotten that fixed, should be good to go, so sorry for the inconvenience. Let's get started. So the first trade we made was on the 17th. Remember Monday the 16th was closed due to a holiday, so we started on Tuesday. First trade we made was an opening iron condor in Ford slash ZS, which is soybeans. So if we take a look at what's going on in soybeans, we've got two different iron condors on. This was our original one that we put on a couple weeks ago, and you can see price is kind of up near our upper end. It hasn't broken our break even yet, so nothing to do there, but we did add this additional iron condor on to collect some more credit and kind of widen out our overall position. So we're in the profit here. Not enough to take it off yet, but we'll continue to monitor and manage both of those. Okay, next trade we made was in TLT. This was a closing, adjusting trade in TLT. So as TLT moved higher and broke through our call break even, we removed the put side, just like we teach in the course, and we left the tested side on. So we left on the call side, which I'll get to in a moment in a later trade here. Next trade we made was an IWM. This was an opening trade. Now I did have a couple questions about this, because when I put this trade on, IV percentile was currently at 61. We took a look at IWM, and you can see we're still pretty centered, got a decent little profit there. Not enough to take it off yet, but you can see I got in this day here, and implied volatility actually spiked all the way up to I thought it was high as 63. I got in when it was about 61, and I had a couple students say, hey, IV is below 50, why are you taking this trade? And it just, it fell so quickly that it was actually a pretty small window to get in above that limit. Now you can still get in, and I had several members email me and say they still got in at about two cents below what I did, so still not bad. In fact, with that significant crush in volatility like you see there, I actually would have thought we would have had more profit in the trade already, but we just need some more time to go by, and we'll continue to monitor, manage, or close this one out. So look for those alerts next week. Next trade was in XLF, so this was a closing trade. We had two kind of separate and adjusted positions in XLF. One was a strangle that we had adjusted, and then rolled from January to February, and then we were also in a 24 straddle that we had put on. So if we take a look at XLF, this is the remaining straddle that we hold. So you can see we're in the profit here. We had a strangle that kind of went out over here, and we took that off for a nice profit. Now we've got a little more profit here. I'd like to squeeze a little bit more out of here if we can get a little bit of a move up, but either way, I'm going to be very aggressive about taking this trade off on Monday or early next week, because look at what happened to implied volatility. It just got crushed. So we don't necessarily want to be in the trade anymore. Implied volatility did what we wanted it to do, so we'll probably take that off for a nice profit on the overall position, including both sides, the one we already took off, and then this 24 straddle. Next trade was in GLD. So this was an opening adjusting trade on our GLD calendar. So we had a GLD calendar on, and price continued to move up a little bit, so we added an additional calendar. And so now we've got this double calendar in place. We're right in the middle. We just need time to go by. We need an increase in implied volatility to benefit this calendar position. So we'll continue to watch that. Now if we look at the chart, look at this ever since mid-December, we've really just had a one-way train to the upside in GLD. So we'll continue to monitor that. We also had an iron condor on, and it blew through our call side. We took off the put side, but I didn't want to make any additional adjustments because implied volatility was so low. I'm not going to put on another iron condor or sell additional premium when implied volatility is that low. So we ended up taking a loss on our GLD iron condor position. That's just part of trading. That's why you got to stay small. You can't manage and adjust your way out of every single trade. So you are going to have some losers that way. But keep your position size small, and in most of these we can typically manage out of. Next trade was an FXC. So a couple weeks ago we had put on a butterfly in FXC. So that was a nice profit in FXE. And if we take a look at the chart for FXC, implied volatility has moved nicely down. Still at about 47. So if we get a little pop up, we're going to reenter a new position in FXC early next week, or even if it stays right around here. Keep in mind, even if it's a little bit below 50, that's good enough to put positions on, especially right now because we are in a low implied volatility situation in a lot of symbols. So really we look for the symbols that have the highest. So if it's in the 30 or 40 range, that's good enough if there's nothing else to trade because we want to stay engaged. We want to keep positions on. You can still be profitable. It's just not as high of a probability once you start getting below that 50 mark. So we'll look to start building a March position in FXC potentially next week. So look for some trade alerts in that. Next trade was an opening trade in TLT. So we added an iron condor in TLT. So you can see implied volatility continues to stay above 50 in TLT, which is good. And so what we've got here is we've got two separate iron condors. We've got the one in March, which is the one we just put on right in the center. Not much of a profit there yet. And then the other one is in February still. And let's take a look. So you can see our February is kind of pushing towards our downside, but no issues there. No need to adjust yet. We'll just continue to wait and let that theta work in our favor. And one other trade in TLT, which I'll get to here in a second. So that's the iron condor. In EWW, we had a closing trade. IVE percentile currently at 53. So we took that strangle off for a nice profit. We'll look to potentially enter new positions in March next week as well. So if we take a look at EWW, we don't have any current positions in there now, implied volatility right at that 50-50 level. Maybe we'll get a little pop-up next week, or if not, we'll still look to start building a March position in EWW. Next trade was in TLT. So this is the one where earlier this week on Tuesday, we closed out the put size for basically, we bought that back for a nickel. So took almost a full profit on the put side, and we were just looking for a little bit of a move down in bonds to close the remaining call side, and we got that. And so we took that off, so we got a nice profit on the overall iron condor in TLT. And then as I just showed a couple minutes ago, we've still got two additional iron condors in TLT. And lastly, trade we made today was an opening trade in XRT. So we sold a strangle in XRT. If we take a look, IVE, when I put it on, is about 51, a little above 50. So it's still very centered, nothing to do here yet except for weight. So some of the other positions we also still have on, natural gas. We've got this adjusted strangle in natural gas. So we're just continuing to wait and let that theta, we're about $50 a day in theta decay with that position. We also have an iron condor on in natural gas. And we're in the profit a little bit there, but nothing to do but continue to wait in ZB, which is the bonds. We've got an iron condor in there. We're pretty close to taking this off. I just wanted to squeeze a little more juice out of it. If we look at the implied volatility in TLT, because we use an ETF to attract the implied volatility, it's at about 52. If we can get some more decline in the implied volatility, that'll push our profit line up in bonds. And we should be able to take that off for a nice profit. Assuming we don't get too big of a move one way or another early in the week. Soybeans already went over that. Let's see, we've got FXY. We've got a strangle on in. So we're in the profit there. We'll have to take that off next week if we get a little bit more of a move down or a little bit more contraction in IB. We've also got this strangle in GDX. We've got a nice profit in. We'll wait to take that off hopefully early next week as well. And lastly, in the Qs, we've got a calendar spread on. Nothing to do there but wait. And if we need to make any adjustments, we will do so. So I hope that was helpful. If you have any questions, please post them in the forum or shoot me an email. Look forward to a good trading week next week. And we'll see you then.