 Hey everyone welcome to this weekend's video update for pro members today is Friday May 7th I hope everybody had a great week of trading let's touch on the markets overall then we will give you an update on the day trading results for the week and then jump into our alerts and current positions so to start with looking at SPX at the time I'm recording this it's 11 a.m central on Friday so still got a few hours left in the cash session but you can see the S&P 500 took a little bit of a dip and now we're ripping back to all-time highs once again and you can see on the short term volatility indicator IV is just getting annihilated today and assuming prices stay up that'll continue throughout the day I would suspect looking at the NASDAQ NASDAQ not back up to all-time highs had a little bit of a nasty flush earlier this week now it's bouncing I wouldn't doubt if we do see a reversal back to these recent lows into early next week but we'll see what happens I mean obviously nobody knows it could it could continue and rip back up to a new high itself but that was a pretty nasty pretty nasty dip and I wouldn't I wouldn't doubt if it kind of gives us a little follow-through at least at least another another another flush lower so I did put on some short dealt today but we do I have on some long delta positions too so we are very delta neutral in our overall directional bias in our portfolio so we're gonna we're gonna play from from both sides and continue to add different positions obviously implied volatility low is low if you look at the 252-day indicator I mean the IV percentile is at 6 IV ranks only at 10 so very low implied volatility compared to where it's been earlier in the year so we're not selling a lot of premium we are doing more directional plays but we're playing them from both sides so we've got some long positions some short positions and the anticipation is you know hopefully we can get some kind of big two-sided action some ping-pong back and forth and potentially book profits on both sides just keep in mind I've been saying this directional plays are a lot less a lot lower probability plays so you want to keep your position size small stay engaged and you know at some point we'll get a spike in implied volatility where we can add on some new premium selling type strategies but we'll still continue to put on some iron ducks we'll still do our weekly double calendars and then we'll be mixing in some some directional plays with opportunities where we see fit so that is the plan taking a look at a couple other markets gold and silver back on the move gold making a nice push here the last few days silver on its way up as well and the and the bonds continue to trade sideways you know if you take a look at foreslides ZB you know I mean these things have been pretty you know started to climb climb climb and then they've been pretty sideways the last few weeks so we've got a position in bonds that's benefiting from that narrow range so we'll talk about that so that's kind of what's going on in the markets let's take a look before we get into the alerts give you a quick update on the day trading a nice week of day trading plus 4899 on the week and that was just four days because we did not do any live stream or day trading today on Friday so nice week nice little bounce back after red week last week on the mighty 90s over 1800 a really nice week on the pairs trades over 2200 took a little bit bigger size on a couple of these and then on the runners plus about 750 and that puts us year to date up a little over 34 000 year to date on all of our day trades and then total going all the way back to the end of august we're now up over 70k for our day trade so good stuff there with that let's go to our alerts and go through all of our alerts for the week starting with amazon so an amazon added a new iron duck did this one with 11 days to expiration we had a nice little swift down move in amazon so looked for something to put a duck on and in this case we chose amazon now amazon did come down even more after we put this on let's see i think we put it on after this big move down and it's come down even more since then so if we take a look at our risk profile you can see it's dead centered right in the middle of our duck head it did get down to this area here nowhere close to our exit point but bounce back nicely here the last couple days so hopefully this will hold this one is a 515 expiration so we'll hold it close to expiration obviously if it falls apart we'll need to exit early but if not hopefully we get a chance at a duck head next trade qqq iron duck we also added one in cues on their way down did this one with 17 days to expiration so just varying the symbols that we trade laddering into these ducks varying the days to expiration very high probability plays and so we'll continue to do that if we take a look at the cues we've actually got a few different positions in the cues let's take a look at our iron duck first and you can see prices bounce back since we put this on so it's well up the beak still have about a 25 chance that it could get back down to the max profit oops i got changed my dates here got about a 20 chance that it could get back into the duck head area here so if it stays here or starts to move higher into next week we may just close this one early once it has a very little chance of getting back to that max profit area but we'll continue to hold and manage those just like we teach in the course q-com did a closing trade in q-com we had put on a post earnings long call in q-com and we ended up closing it out just taking it off we didn't you know we're not we didn't want to wait for for a max loss on that one because what i'm looking at here is so price opened above its expected move and so the most high probability play is to is that price is going to stay steady and potentially move higher well this is the expected move after earnings you can see it came down held there but then the next day it fell and so what i'm looking at on these is you know a lot of times that uh expected move will act as support and then after that sometimes the you know the previous price peak or the previous price level before earnings will act as nice support it came right down to there but once it broke through that level uh you know that was kind of my my uh line in the sand to go ahead and exit and say you know what i'm not sure this trade's going to work now then it kind of dropped even more then it chopped around and it has kind of bounced up the last couple days but you know with these you're better off just kind of closing them out taking a loss moving on instead of you know because if it keeps going you're going to have about double the loss that we took on the trade so out of q-com by dude did a closing adjusting trade so we had we put on a long put diagonal for some short delta and for a downside directional play if we took a look at by do so we actually we actually put this on so had by do you seen some real weakness and when it bounced up here we actually put it on and then price just kind of chopped around for for quite some time so we ended up closing out our other trade because it was getting near expiration and then we turned around and put it right back on because i anticipated we'd still see some further downside that's that certainly happened and so we've benefited from that so we closed out we put it on with three contracts closed out one so we still have two spreads left and you can see you know our max risk with these two left is two hundred ninety nine bucks and we're up almost close to four hundred dollars on uh so we're up almost two hundred percent on these remaining we took one off with what was it i think uh uh yeah booked a sixty five percent profit on that one piece holding two-thirds of it to uh to squeeze out some more profit so uh next week we'll we'll start to um phase out of this as well if we get some more downside especially we'll close out another contract and then you know hold the other one a little bit closer to expiration we've got some good time left on this so as long as this thing doesn't rip back up which it certainly could uh but i like how weak by do is and by do is staying you know going into that earnings announcement so we'll continue to hold at least a piece of that to see if we can maximize our profits in by do xlk rolling adjusting trades so this one of our short delta plays it's a long put vertical rolled this from may to june we're over fifty percent of max profit so we just rolled it out extended duration and adjusted the strikes accordingly so if we take a look at xlk you can see this is bounced back since we did this so price was about right here when we did the roll and it's pushed up so it's a little bit out of range now but we're going to hold that for that short delta exposure like i said we're pretty delta neutral overall in our portfolio right now and you know i think i i get questions about this a lot but you know really when it comes to the amount of delta we like to kind of stay within a range we always like to carry a little bit of short delta for those swift down moves that we might see but as long as you're kind of the biggest thing is being aware of your overall directional position with your portfolio so i don't care if you want to be really short or i don't care if you want to be really long just as you just as long as you're aware and the way that we do that is we beta weight our portfolio to sp y so we can kind of get an apples to apples comparison of how how directionally biased our portfolio as is in one direction or another and so right now we're pretty delta neutral we've got a tiny bit of short delta but not not too much and and that's you know that's benefited us because the market has obviously been on fire to the upside in hindsight when we have wished we had more long delta of course but you never know and so that's why we carry a little bit of short delta we have a lot of range bound trades on so we want to carry a little bit of that short delta because the market as we know takes the elevator down and the stair steps up uh all right so nvidia did an opening trade did a long put diagonal here in nvidia and then did it did the exact same trade in netflix so this was just adding in some short delta when we had that big flush in the nasdaq earlier this week and we got a little bit of a bounce i was just looking to add some short delta in some of these weaker nasdaq related stocks so the ones that we chose were nvidia and netflix so if we take a look at nvidia nvidia's got earnings coming up on the 26th of may so we will exit this before then you can see prices bounced up tiny bit so we're down a few bucks on this right now but looking for some downside to benefit that trade and then the same thing in netflix this is bounced up a little bit since we put it on but a nice little move down will will get us a nice profit so and netflix already announced earnings so we don't have any earnings to uh to worry about there but we will take this off before expiration spx opening trade opened a weekly double calendar earlier this week uh this was on the on may 6th so i guess that was thursday and did this one with eight days in the front 11 in the back and then we did another one today so i'll get to that and i'll go then i'll go to the platform for spx uh and then square so square had earnings uh thursday evening after the bell and so it opened up this morning above its expected moves when we put on a post earnings short put vertical just like we teach in the course looking for some steady to higher prices in square did this one with 14 days to expiration to give us a little time and so if we take a look at sq you can see we put this on it's already up about 80 80 bucks it's kind of been bouncing around here and so if you take a look at the charts you can see here was here's the earnings here's the expected move it opened above the expected move kind of came down touched it that's when we got in it's bounced up a little bit so looking for kind of steady to potentially higher prices in square to benefit that one and then the cues because i did put on another long play i wanted to kind of help balance our portfolio and and i didn't want to get too long so i wanted to add some qqq short delta so with this one we put on a diagonal spread i put diagonal spread didn't this one with 21 days in the front week so if we take a look at that again like i talked about had that big flush now we're getting a good bounce but i wouldn't doubt if we get a little bit of a rollover uh so that's part of the reason i put this on as well so if we take a look that was our duck this is our diagonal so again it's kind of pushed up a little bit since we put this on but a swift move lower will book us some good profits in the cues and then we've also got this other short delta piece which is a vertical spread we're up about 300 and some dollars since we did our last adjustment roll on that one so if we get some more downside in the cues next week we will roll that one we'll we'll take our strikes and we'll just push them closer to price and continue to keep that on for short delta exposure in the portfolio and then spx here is that other weekly double calendar that we just put on today so we've got two of those on uh so here's the one we just put on today pretty pretty well centered i gave it a little bit more room to the upside because this one has more room to the downside so just to kind of help widen that out all uh between the two this one pushed all the way up we just put it on yesterday push has pushed up all the way up to the near the break even point we'll continue to hold this remember the way we trade these the highest probability way to trade these is the most profitable way to trade them is you know you take them off one or zero days to expiration or if you do have an explosive move out of the range we uh we cut these out at about 50 percent of our max loss in this case we've got about a $700 buying power and risk and so if we get down about 350 bucks we'll just close this out if it does continue to push higher if not if it moves lower it'll move right back into center and then we'll manage these both later next week and then lastly zoom we had a long call diagonal in zoom that we put on we were looking for some upside momentum in zoom just never got it it just kind of chopped around and then has really fallen apart so we ended up just closing that out today those options expire today so we closed out those uh for uh for loss so here are the rest of our positions we've got a long put vertical in es you can see prices moved out of out of range there so we need a little bit of downside to get back into range on that one that one is in may so we've got 14 days left on that one so uh it's potentially next week we'll look to roll that out to keep short delta in our portfolio on that one in zb and bonds we've got this short strangle that we've been managing uh you can see i mentioned earlier first thing in this video that bonds have just been trading really flat we're up about 360 on this one since we did our last adjustment so we've got plenty of time left on this one still 49 days until expiration so we'll be holding this one for a little while uh apple another one of our short delta plays this is a long put vertical you can see price is well within a range we're a little over 100 now we're we were close to 50 of max profit i'm just holding to see if we get a little bit more and if we do into next week specifically i'll i'll roll this one now we're out in june so we're probably going to roll out yet but we would roll our strikes closer to price lock in that credit and continue to hold that for some short delta exposure uh amazon i think i've mentioned this one yeah this is our duck right in the middle of the duckhead uh bydo i mentioned that one de de's been a little bit of a thorn this was a short delta play that we've that we've had on and you can see with the chart of john deere this thing just keeps on pushing um you know i mean look at this look at this upside winner here or excuse me upside run uh it's hitting you all time highs here as well so hopefully we get some relief at a de here shortly uh and then pretty similar in dia uh the dow has really been strong here recently hitting new all time highs and we've got a short call vertical in there that we need some downside price action to benefit uh facebook so we've got a couple of other post earnings plays here in facebook so again facebook opened above the expected move which is notated by this red line here and then uh when it came down we got long it bounced up nicely uh we're you know if it would have gone a little bit further even that day or even into the next day we were probably going to just take that off and book profits close to 50 of max uh but it didn't it kind of got flushed out with the rest of the nasdaq came down it did not it uh originally held support at that uh expected move line but then pushed through the next day and again like i was saying kind of the the recent price peaks or the price before the earnings announcement kind of act as support as well now it's starting to bounce back up it's back up above its expected move uh so we'll see if this thing wants to continue to push and allow us to book some profits we're pretty close to break even uh right now on our facebook trade and then uh google very very similar trade post earnings play this one we're up about almost six hundred dollars on uh since we put this on on same thing post earnings play open above the expected move dip down for a couple days now it's pop back up so if we can get a little bit of upside momentum into next week uh we should be able to book a really nice profit there i w m another one of our short delta plays that's out of range so we need a little downside to get back into range there netflix i already showed you netflix and nvidia and the cues rut we've got a duck in rut uh price is hanging out right here in the duck beak uh so still decent chance it could come down into the duck head this one has a 515 expiration smh we've got this strangle that we've been managing adjusted into a straddle we're up uh 479 ish dollars since we did our last roll so we'll continue to manage that one that was out in june with uh 42 days to expiration so we still got a lot of time before we do anything there uh spx i mentioned square i mentioned uh and then xlk i mentioned so those are all the alerts those are all the positions that's your update if you guys have any questions let me know otherwise we will see you on monday have a great weekend all you mothers out there happy mother's day and all you men tell your mothers happy mother day mother's day take care everybody see you next week