 What is up Navigation Nation? Today is Friday, February 16th. Welcome to this week's video update. What a crazy ride we've seen in the market lately. You know, obviously had that big sell-off and then a huge bounce this week. Looking at SPY here, S&P 500. But the good thing for us is volatility is back. So, giving us some good opportunity to put on trades, adjust trades, and really that two-sided action is what we love as premium sellers and as traders in general. So, hopefully we we get to keep some of this. Hopefully this two-sided action continues and we don't just kind of rip higher and grind higher. I don't think that's gonna happen. I mean that was such a long grind higher that we would definitely do it for some two-sided action which we are which we're getting now. So, looking all good. Let's jump into the alerts for the week. Don't forget also Monday is President's Day. So, the equity markets will be closed. Futures market will be open I think part of the day but we won't be doing any trading. So, take a long weekend and get ready for Tuesday. So, if we go to the first trade alert which we put on Monday the 12th, it was an opening trade. Did an iron condor in SPY. So, if we take a look at our Analyze tab to look at where that's at obviously with the move up today. Price is still within our range but could use a little bit of a down move to benefit that trade. Next, we had a closing adjusting trade in wheat. So, we closed out of our put vertical side as the price had moved up and breached our upside break even. So, still holding on to the call vertical as well as another full iron condor. So, if we take a look at where we're at on wheat you can see the here's the remaining vertical after we took off the put side. So, could use a little bit of downside to benefit that piece and then we've got on this other full iron condor which is really centered. Not quite enough profit to take off yet. A little over 25% of max profit at this point. So, waiting for a little more before we book that one and I mentioned this last week but we're almost to that we're actually profitable in wheat now after all these adjustments that we've been doing the last few cycles and so once we get out of these two trades we will probably close out of wheat and book that trade and I'm going to do a full video on that trade because there's so many adjustments and roles that I want to show you kind of the power of the mechanics of excuse me the power of staying mechanical with your adjustments and extending that duration to become profitable on the trade. So, look forward to that once we get out of wheat. Next trade was in apple. So, what we did here is we bought a long put vertical and what after this after the big down move in the market what happened is you know I talk about this all the time how we like to keep short Delta let's go back to the chart of SPY you know we like to keep short Delta in our portfolio well we got this huge move down which benefited many of our positions and it benefited our portfolio overall but what happens when that when it goes down like that is you naturally lose some of that short Delta and start to accumulate some long Delta so down here we started to get to the point where we were actually long Delta and we needed to add in some short positions to help protect ourselves in case this thing made another push lower now that didn't happen it kind of ripped higher on us but one of the ways we did that is we looked at Apple and put on a long put vertical in Apple so with with the market rising this week with Apple rising we are we're currently down on this trade but you can see it we need so we need Apple to come back down back into our range but this also you know it keeps that short Delta in our portfolio so we're actually at a really good spot right now overall with the amount of trades that we have on we just have a little bit of short Delta pretty balanced overall so while this trade is moving against us we've benefited overall so that's where that piece comes into play next trade was a closing trade in Ford slash 6E which is the Euro futures so we had excuse me we had sold a short strangle in 6E and we were able to get out of that book of profit of around 45% of max profit so nice trade there next trade was a closing adjusting trade in DIA so we here we closed out the call vertical side of an iron condor price had breached our downside break even in that big down move so we closed out that untested side and still holding two other call verticals in the portfolio in DIA so let's take a look at DIA so here is one of our call verticals so obviously with this move up we could use a little bit of a down movement to benefit that one and then same with this call vertical here where we need some downside movement to benefit that piece and then the trade alert that I just mentioned where we took off the call vertical side still holding the put so price moved back into our range here which benefited this one so looking for a little bit more of an up move or for price just to kind of stay right where it is to benefit that piece and then we'll take that one off and continue to manage our DIA trade next trade was an opening adjusting trade in Ford slash ZN so we already had one position on in ZN and with price and volatility the way they were we wanted to add another piece to this so we added a short strangle and so let's take a look if we if we look at our graph so this was the position we had on previously which was an adjusted strangle which is basically adjusted into a straddle so centered at that 121 and a half price and then the alert that I just mentioned was the addition of this strangle here so we've we're up on this piece but not enough to take off yet so we'll continue to monitor and manage that one next trade was a closing adjusting trade in IWM so we only had this on for six days booked a profit of over 30% of max profit in just six days on this piece but we're still holding another piece to our IWM trade which is the other half the the put vertical half of this iron condor so prices come back into this range nicely could use a little bit more up movement to benefit that but look next week for a another piece to be added to this will add another iron condor in IWM next week with the with where we're at in the cycle so we've only got 28 days left in March so I'm not going to be adding any more positions in March so next week we will be will start to start adding positions in April so we've got some April positions in some of our options on futures pieces but as far as equity goes next week is when we'll start start adding to that was because we're getting down to that 60-day mark next week so look for that in IWM next trade was a closing adjusting trade in ES so we had an iron condor on in ES and we booked that for about 35% of max profit so that was a good trade we've got a couple other positions on an ES which I'll get to here in just a second next trade was a closing adjusting trade in XRT so we had two different adjusted strangles on an XRT we bought one of those back closed out of that one and we're still holding one other piece in in XRT so if we take a look at that what you'll see here is is right here so getting close to to profits overall there's the closing bell I'm recording this just as the market's closing but so we've got this additional piece left in XRT so we'll continue to monitor and manage that and we're almost at being profitable on our XRT trade in totality after adjustments but still still looking for a little bit more profit here before we get out next trade was opening adjusting trade in ES so as I mentioned we'd close that one out and we added another one a couple days later so if we take a look at Ford slash ES this is our iron condor here still very centered just just looking for some more time to pass there and then we've also got this long put vertical which is again adding short Delta to our portfolio with the with the move higher it's moved up on us so we need a little bit of down movement to benefit that piece next trade was an opening trade in Ford slash 6e so we had closed out of one strangle in 6e implied volatility continues to stay high so we added another piece here so if we take a look at that you can see you can see that's still very centered no profit or loss at this point so just looking for some IB contraction and or you know some time to pass to benefit that one and next trade was a closing adjusting trade in XLV so we closed out of our put vertical side iron condor in XLV and still holding the call vertical as well as another full iron condor so if we take a look at XLV we've got these two pieces so this is our full iron condor could use a little bit of up movement and contraction in IV there and then if we take a look if we click off that one here's the remaining call vertical side of this one so this one could use a little bit of a downside so we got one piece of it could use a little upside one piece that could use a little downside if you if you click on all of them together you can kind of see an aggregate which which doesn't look very appealing so we're obviously managing these two pieces of the trade separately but but a lot of times we can we can benefit and and book profits in both assuming price accommodates us so we'll see what happens there but looking looking okay in XLV and then lastly we bought back our strangle in IBM so this is one that we've had on for three cycles and we had to make five different adjustments but we stayed mechanical and we were able to close it out for a small winner so you know that was IBM that was one that we put on originally as a post earnings short straddle so if we take a look at a chart of IBM we're out of the trade so the graph won't show anything but if we take a look at the chart what we'll see is we put this on way back here at this at the last earning cycle so price popped up we we put on a straddle here a post earnings short straddle had a huge move down so we had to adjust and roll rolled out to the next cycle rolled out to the next cycle had a big move up continue to make adjustments we made like I said five adjustments in total then price came back down and we were able to book book a profit today so again that's just the power of staying mechanical doing your adjustments making the necessary roles as you're supposed to and you end up coming out of the profit sometimes just takes a few cycles to do so so perfect example of of how those adjustments can work for you so those are all our trades let's take a look at some of the other positions we have we've got an iron condor in natty gas you can see it's hanging out kind of near the lower end of the range so it could use a little bit of up move in that gas to benefit that one I already mentioned ZN we've got an iron condor in soybeans so use a little bit of a down movement it's more time to pass in soybeans I already mentioned wheat I'm already mentioned Apple DIA EEM so this is another one that we had originally put on for some short delta now I got a couple questions about this because price was all the way up here at one point and so we could have booked a profit but that was also at the point where we had the overall market had kind of sucked out a lot of our short delta like I talked about before and so we're really keeping it on for more short delta for that downside protection in case that the market continued to move lower and and using it as one piece of our overall portfolio and you know obviously unfortunately the market ripped higher today so that that you know took the profit of that we did have out of EEM but we still got to continue to manage these these trades as a portfolio and I keep pounding that home but it but it's critical because you just you don't know what the markets gonna do you can take assumptions and you know if you did want to book profit when it was down here around this price hey I don't have anything against you doing that I'm showing you with these alerts what I'm doing and the way that we manage these as a total portfolio so hope that's helpful hopefully that makes sense EWW we've still got a trade-on in there so close to close to taking profits in EWW just need a little bit more after the adjustments and roles that we've we've had here we're almost to profit in EWW an exact same thing with EWZ very centered just looking for a little bit more profit before we book that one hopefully with this long weekend we get a little theta decay and you know early next week we're able to book some profits in a couple of these FXI we've got two positions on an FXI this adjusted strangle which is now a straddle centered at the 50 level so almost close to taking this one off as well and then we've got this other piece which is the 41-48 so this is one where because we had this position on when price was down here and we needed some up movement so what I did is is I left that one on added this one and it was kind of a skewed skewed strangle meaning it we had more downside more room to the downside because of this other piece that we already had on now with the up-moving price you can see price has breached through the break even but I wanted to give it over the weekend so if price stays where it is or continues a little bit higher we will adjust this by taking off the put side you can see there's still a little bit of premium in there we're at about 112 dollars out of 135 max so we'll look to make that adjustment sometime early next week unless price you know fires back down into our range here so stay tuned for that GLD we've got an iron condor in here nice and centered just need a little bit more time to pass a little bit more contraction in IV to benefit GLD you can see IV staying nice and high and here still the percentile at the 90th IV rank is 62 so still getting some good IV in there I mentioned IWM QQQ so we've got we've got two different pieces on in QQQ couple of short call verticals need a little bit of down movement to benefit those pieces and similar to EEM you know these were actually fairly profitable at you know early in the week and it was a point where you know you could have taken profits in those and then but but again we needed that short delta in our portfolio so we kept them on hoping for a little bit more obviously with the up move we're still almost in our range here so just need a little bit of a down movement to benefit those I mentioned SPY XLU we've got this iron condor on here very centered close to a point where we can start thinking about taking profits with a tight iron condor like this I'm not gonna wait for 40% profit but I would like to see you know 30 30% so we're almost there hopefully get to take that off early next week XLV I mentioned XOP so we've got a strangle on in XOP just need a little bit of a price movement up a little bit more contraction in implied volatility and we should be able to book a winner there early next week hopefully if we take a look at the charts again implied volatility staying nice and high in that and lastly XRT so I actually already mentioned this so we've got this this last piece of XRT left trying to get a little bit more profit before we take that one off so that's where we're at the the other thing I just wanted to mention again and kind of reiterate is look at the portfolio that we have we've got the Euro we've got the S&P 500 so large cap stocks we've got Nat gas we've got notes we've got soybeans we've got wheat we've got some individual stocks like Apple we've got DIA we've got emerging markets ETF we get the Mexican ETF we have the Brazilian ETF we have the Chinese ETF we have gold small cap Nasdaq which is mostly technology stocks SPY S&P 500 we've got utilities health care oil and retail so such a great mix I love where we're sitting right here both from the the variety of underlying symbols and the diversification there and with the amount of short Delta we have overall in our portfolio I really like where we're sitting hopefully the the market accommodates and we keep some of this two-sided action and high implied volatility we'll continue to book profits put trades on book profits and rinse and repeat so hopefully that's helpful again markets closed Monday we will get back at it on Tuesday have a great weekend talk to you then