 What's up navigation traders welcome to this week's video update today is Friday September 13th We're gonna go over all the positions and all the a trade alerts, but before we do Let's talk about who got caught being hot in the community this week This week goes to a new member goes by the handle bespoke trader 14 And he kind of jumped in with two feet asking a lot of questions Starting some great conversations that I know is helpful to other traders as well So congrats bespoke keep up the good work. Can't wait to continue watching you grow as a trader Let's jump into the alerts and and first take a look just at the overall market if we look at the s&p 500 You know, we had that huge that little bout of volatility and then just some some big swings kind of in a box range here Kind of stayed in this range for a while and now it's just broken out now. We're seeing You know the price of the s&p kind of hover near the all-time highs So be interesting to see what what happens from here, you know, obviously we have a little bit of short Delta So anytime you get a a rip higher like this, you know, that's gonna be that's gonna work against your short Delta positions But we haven't been overly short. In fact, we're about Well right now we're about three to one on our short Delta versus our theta ratio So we're still in good shape there. Obviously a little bit of downside movement could definitely benefit that But we'll just continue to stay mechanical and work our trades as we do If we jump into the alerts starting with the 9th on Monday Scroll down to the first trade here first trade was a rolling adjusting trade in Apple So we had a long put vertical that we've been holding for that short Delta exposure in Apple With the September positions at that point down to 11 days to expiration We went ahead and rolled this out to October to keep that short Delta extend duration on that trade So if we take a look at Apple and it's down almost two and a half percent today You know Apple came out with their new iPhone release and I haven't even actually seen but I don't so I don't know if that has to do with that just the perception of What that is and what's going on but definitely down the last couple days after that announcement And so you can see prices hanging out right here inside of our range. I just looking for a little bit more downside to benefit that If we go back to the next trade here closing trade in oil So we had a short strangle in oil booked over 30% of max profit on that one We were only in that one for a couple weeks and it was dead centered So we went ahead and took that off and we'll look to potentially re-enter if IV stays high in in oil so We are completely out of that at this point Next trade was a closing adjusting trade in IYR. So we had a an October iron condor booked around 30% of max profit on that piece Of the trade and then we're still holding our short call vertical in September. So if we take a look at IYR It's down a little bit today, which is helping us. So our price is right at the break even We just need a little bit more and we'll book a nice profit on that IYR piece Now we might also look to add to this next week applied volatility is popping up today If we in the next week, we will probably look to add to this and Just to show you so right now we've got seven days left to expiration in September. So we'll be closing out This short call vertical next week and then the October options have 35 days And you can see the November options have 63 So once we get into next week, we'll be under 60 days to expiration in November. So we're gonna start building our November Positions starting next week. And so if we add to this Excuse me, we'll have the choice to either do it in October, which will be around 31 32 days into early next week And then November will be at 60. So we'll probably start building out in November But look for that if implied volatility is decent We'll add another piece in IYR and And and collect some more credit to centered around the current price And then we'll exit that short call vertical that's currently in September. So that's the plan in IYR We've got an opening trade in SPX. So this was a Double calendar that we opened a weekly double calendar. We did this when we had seven days to expiration on the front week And so if we take a look at that Go to SPX What we've got here is it's still still pretty centered implied volatility actually contracted after the fact after we put this on So let me click on those here See implied volatility contracted. So we're actually down slightly on the trade even though it's dead centered So you could have got in at much better prices than we did But that's just the way the the nature of trading sometimes you get better sometimes you get a little worse But it all kind of evens out over time. So Just looking for this to kind of stay in this range here over into next week And hopefully we can book a profit on that one Next trade was a rolling adjusting trade in QQQ. So starting to do our rolls Like I said September is down to seven days to expiration. So over next week We've got a handful of positions still left in in September So we're gonna be either rolling or closing those Next week and we don't want to do it all in one day, but we'll be over the next week We're gonna be you know doing a couple of those at least each day To either roll those out to October or potentially out to November since we'll be under 60 days there And then you know there there might be situations on some of them where we close as well instead of roll So we'll deal with that next week, but this was QQQ. So we had two sets of short call vertical spreads This is the one that's still in September. You can see way out of range With this, you know, Nasdaq has been strong with the rest of the market So that piece is out of range and then the other piece From the alert that we rolled is this one here So it's come down a little bit since we did that roll again Just holding these for that short delta exposure and so looking for some more downside to benefit that Next trade was a closing adjusting trade in ZB. So we had two different short strangles on we closed this one We were well over 60% of max profit on this piece of the trade This was the one that was really inverted after that huge up move in bonds But prices come down really sharply over the last week and a half or two And so we went ahead and booked this one reduced our overall exposure to ZB And then we actually added another piece on today. So I'll go to the I'll go to ZB here in just a minute when we get to that alert Oh, here it is. In fact, it's the very next alert. So this was this morning We went ahead and and sold a new strangle and just kind of recentered it around price And so I want to go to the chart of bonds first because man, what a what a move here And we you know, we had this huge up move that we were battling rolling up our puts rolling out in time And now all of a sudden it's reversed with a sharp move lower And so this just this just shows we and we talked a little bit about this when Chad and I did our update on Tuesday Where I mean literally it can take just a few days to reverse course and get back to where you want it now in this case So we've got the we've got two pieces. This is our other adjusted short strangle And so whereas we were kind of battling it to the upside now It's ripped all the way down here and just outside of our range on the downside now if you look at our calls We've still got a decent amount of premium left in those so we're not necessarily looking to roll our calls down quite yet But if price continues lower, that's exactly what we'll do. We'll just roll those calls down closer to price We've got a lot of time in the cycle still 42 days to expiration So not looking to roll out in time yet But just roll down those those puts to collect some more credit and and keep that piece going Now the other the other piece that we have that we just put on from the alert Today is this short strangle and you can see prices already moved down a little bit since we put this on So it's just out of center down to the downside But still well within range. So just playing the waiting game here waiting for some more time to pass to to benefit that Next trade was a closing trade in SPX So we had another double calendar on in SPX today was the last day of trading And so we went ahead and close this out ended up taking a small loss. It was just outside of our range We held it all the way till today to the last day just to see if we get a little bit of down movement in Stocks to take that off, but trading has been pretty muted pretty flat today if we like look at a chart of SPX It's a I mean just a tiny tiny range here So we were looking for potentially a little quick move in the morning To help us get out for a profit But you know didn't want this thing to continue ripping higher and give us a bigger loss We got out for a couple hundred dollar loss on that one So so not bad And then again, we have that we have that that other one that we just put on that's that's pretty well centered So gonna hold that into next week and see what happens there And then lastly the last alert today. We did a rolling adjusting trade in DIA. So similar to QQQ We had two sets of short call verticals rolled one of those out from September to October Just trying to spread out those rolls and then we'll address the other September one We will roll that next week. So if we take a look at DIA Again strong with the rest of the market here And here's the one that we just rolled so you can see prices right where we did it Hasn't really moved much and then we've got this other one in September Which is well out of range. So just looking to Potentially, you know, hopefully we get a little bit of a down movement early next week And then we can roll that at a little bit of price. So that's the plan in DIA So those are all the trade alerts. Let's take a look at some of our other positions Yes, another short delta position that we are going to address next week. It's got seven days to expiration And so we'll roll that next week If you look at gold gold coming down nicely So this short call vertical spread prices come back back down in range If we can get a little bit more down movement in the next week We'll be able to book an overall profit on that iron condor and then our other piece is already out in Well, what toss calls November But it's the cycle with 45 days left to expiration And you can see prices just kind of hanging out here in the lower end of the range So ideally price would continue a little lower We'd book profits on that short call vertical and then price would bounce back higher Back closer to center and we could book a profit on this one too Now we know price doesn't always do exactly what we want. So we'll see what happens, but that would be ideal Natty gas no movement today. I mean, it's it's literally flat on the day So and we're pretty pretty well centered on our two sets of short strangles here So just holding on to these waiting for some more time to pass some more theta to decay I mentioned bonds wheat up just a tiny bit today right back to dead center We've got some profit there just waiting for a little bit more before we take that off Apple like I mentioned it's down about two and a half percent John Deere actually been really strong We'll look to either roll or close this next week We had a we're at a point where I thought we were going to be able to just take this off or or roll it For a credit but now things have ripped higher. So we'll look to potentially extend duration We may just cut our losses on that one. We'll see where everything is that with our short delta exposure You know, there was a question in the community today about The best way to adjust your short delta, you know, if you get get too short, when do we do that? And as a reminder or for for you newer traders, we like to keep a range Of kind of one to one to five to one on our short delta versus our theta ratio So we beta weight our short delta to spy to kind of create apples to apples comparison of our overall portfolio bias And then we don't we like to keep a little bit of short bias in our portfolio for those, you know Down moves that have a lot of velocity to them that that helps us out on those positions Um, and so we we want but we don't want to get too short, you know And so we want to we want to have an idea of where we are with our overall portfolio bias at all times And because things can change really quickly. We use kind of a range So anywhere from one to one versus five to one on our short delta versus our theta And so like I said right now, we're at about three to one So we're right in the middle of that range But if we we start getting more and more short Then what we would need to do is we need to do one of two things We need to either add some long bias positions To kind of help massage that ratio or we need to cut loose some short delta You know, so this is one where we will have to decide We're either going to roll it or we'll just cut it loose and remove that short delta But we're not at a we're not at a place on our ratio where we need to really get aggressive doing that But you know, that that's what we'll be kind of looking at in the next week I mentioned DIA EEM so this is one that we just bought a long put on and with price ripping higher again That's that's kind of gone that's gone against us there So we'll be looking to just we're not going to roll a long put We're just going to close this that one next week And we'll probably end up closing it for loss unless we just get some kind of super sharp moves lower Which obviously doesn't doesn't look like the case low probability chance of doing that So we'll probably close that one for a loss EWZ we've got a short strangle on here and EWZ you can see price has breached the short call But this is out in October. So we've got 35 days left to expiration So we're not in a huge hurry to make this adjustment If we look at just the value of the put you can see we're getting to a point where we do want to roll Those puts up to collect more credit, but So we're going to wait until next week if price continues a little higher then we'll just roll those puts up Stay in October with because we do have a decent amount of time left there You know, I would look to potentially add to this, but the problem is implied volatility is so low I'm just not looking to sell premium in something with implied volatility that low Goldman Sachs again another kind of hyperbolic move to the upside with very little pullbacks And we'll look to either roll or close this one. We've got this You know a long put vertical on that we put on for some short delta and it's moved against us So we'll address that one next week as well I mentioned IYR KRE so this one has moved just outside of our range And so again kind of similar to ewz where if you look at the puts, you know We've got a little bit of premium left in those but if it continues higher We'll roll those puts up If we look at a chart, you know implied volatility is decent here So if we can get a little bit of a pop and implied volatility into early next week We'll roll those puts up But we'll also look to potentially add a new centered short strangle around the current price And the fact that we will be you know into a point of November being under 60 days to expiration We will add that in November. So that's the plan in KRE next week I mentioned QQQ SMH So we've got an adjusted short strangle here You can see prices hanging out right here on the break even And you know if we look at our puts on this side still got a decent amount of premium So not quite looking ready to roll our puts up on that yet But we are you know, if it continues much higher, we will look to potentially do that It's already out in October. So we got plenty of time there If we look at the IV levels, you know, they've been contracting a little bit IV percentiles at the 31 Level so not looking to add another piece to this yet But but we'll roll those puts up if price continues much higher I mentioned SPX SPY So we've got two different pieces in SPY We've got we've got a full iron condor here Where you can see prices hanging out in the upper end of that range here But nothing to do on that piece yet We get this a little bit closer so you can see the whole thing And this is the one where we kind of skewed the width of our call spread versus our put spread Just even out that P&L line But if we could get a little bit of downside movement We would book that one for a profit And then the other piece is that short call vertical in September Which is quite a ways out of range So we'll look to either roll or close that next week And then XLF and XLK both in similar positions where we've got This long put vertical here that's way out of range So we'll look to roll or close that next week And XLK same situation prices out of range Just need some downside movement and we'll look to roll or close that next week as well So that's it for all the alerts all the positions Hope everybody has a great weekend. We'll talk to you next week