 Hey everyone welcome to this weekend's video update for pro members today's Friday May 14th Hope everybody had a good week of trading in this wild week Looking at spx here obviously big sell-off and then the last couple days Big bounce and implied volatility just getting annihilated the last couple days our ivy percentile was up to around the 70 plus area at one point on You know when the market was really dropping on wednesday and it's just been getting Slammed back down. So s and p's uh, you know still just barely under all-time highs here if we look at Year-to-date on a percentage basis of kind of where we're at, you know, the s and p's still up Almost 13 percent on the year Now the nasdaq the nasdaq took it on the chin a little bit more. So You know the nasdaq was up near 11 percent at its peak And it just really fell off a cliff down to a point where it was only up About two and a half percent at one point now. It's bounced here the last couple days So year-to-date up five about a five and a half percent But the question is is this over and i'm not i'm not so sure in fact we We scaled up a little a little of our uh short delta positions We got out of some of our long positions and so we're we're about one to one on our short delta versus our theta if we beta weight that to spy and so You know, i'm still i'm still cautiously keeping some short delta in case this thing does roll over again uh next week either way the volatility is back and uh, we love volatility. So So it's it's been good now. We did get smoked out of some of our Our long plays smoked out of a couple iron ducks and had to take losses on those but we you know We had enough short delta that our portfolio overall Uh, basically from the beginning of last uh beginning the end of last week until now the end of this week Is pretty much dead flat. You know, we didn't gain any we didn't lose any So if you can if you can manage through, you know craziness like that and still come out unscathed That is the ballgame and then when things kind of settle down Then you start making that a little bit more consistently and and and things kind of get back on track But you know, that's that's exactly why we keep short delta in our portfolio You never know when this is going to happen When we had this little pullback here We actually positioned, you know with some of those post earnings plays that we'll talk about here in a minute Actually position for this thing to rip higher But always staying cautious with a little bit of short delta in our portfolio in case this happens And that really benefited us. So hopefully hopefully you guys are starting to get a grasp of that The the goal is not to you know, copy exactly every single position that we have It's to be comfortable with your with the amount of Directional delta that you have in your portfolio and the biggest thing is to understand The amount of delta or directional bias that you have in your portfolio We'd like to beta weight it to spy just to give it kind of an apples to apples comparison So you're not You know when you got all these different types of stocks like netflix and nvidia and then the cues and smh and xok And bonds, you know, you want to you want to try to beta weight that to something To get a good picture of kind of what your directional bias is in your portfolio So hopefully hopefully you guys made it through this. Okay, I know we you know We took some losses on a couple of long positions, but We had that we had a good balance of shorts in there to offset. So Let's go through these actually before we do that Let me just give you a quick recap on the day trading for the week We had our biggest day trading week ever You know, since we've been tracking going all the way back to august 31st Back in september of 2020. We had a day of a week of 7,142 and this week 7,61625 so new new world record on the day trading front for the week Also had our biggest day on wednesday that we've had Going back that long as well. So Nice day trading stuff puts our day trading profits up over 78,000 Going back to that point end of august and then if we look at our Summer year to date over 42,000 dollars year to date And for you know, like I said this week just a great week The other thing I've been tracking is my p&l for day of the week by day of week. You can see wednesday is Kind of running away with it as far as the most profitable day that I have as far as my trading Over 13,000. This is just year to date. So pretty small sample size, but over 13,000 on on wednesdays You can see back to back big days 4,000 this wednesday 3,800 last wednesday And so just kind of interesting that to see how that that's playing out I'm starting to take a little bit bigger position size in these middle days of the week now Tuesday It's kind of lagging. So maybe I've got some kind of hang up on tuesday or maybe it's just that big big loss I took that one tuesday that had a little bit of a mess up But um either way, uh, it's good stuff and we'll continue to do this. We're going to be uh, streaming live every day next week So hopefully you guys can join us if you haven't before and we got a good group of core people in there just having fun making some money and uh, and uh, we'll continue to do so so streaming every day next week if you're interested Check that out in discord All right, so let's jump over to our alerts Starting with the first trade on monday, which was a closing trade in in amazon We had an iron duck and that's when amazon kind of flushed with the rest of the market Kind of smoked us out moved moved below our exit point. So we had to close that one Next trade in bydo. This was a long put a diagonal And this so this was a nice bearish play that um Flushed with the rest of the market to the downside and we booked a really nice profit on that one had taken Part of it off and then we took the rest off here and booked a booked a really nice profit on that one QQQ. So this was uh, one of our short call verticals in the cues We rolled this out. Actually, we rolled it to the same cycle in june. So stayed in the 39 day cycle Uh, we didn't want to roll out. I think the next one was like 67 days out. So we stayed in the one with 39 We were well over 50 of max profit. So we just rolled our strikes down And you know booked that credit and continue to keep this on for that short delta exposure So let's go to the cues real quick. I'll show you what we're doing in there Actually, I'm going to come back to that because we got we got several positions in the cues So I'll come back to the cues Closing trade in spx, uh, booked big profit on this spx trade Just very little chance of getting back to the duckhead. So we just closed it early Booked that money so we could redeploy it Spx iron duck. We turned around and reopened a new one. I did this one with 16 days to expiration So let's go to spx. I'll show you what we've got in there Let's get away from our weekly double calendars for now and I'll show you our iron ducks first So this is the one with the expiration of may 26th. Whoops. What did I do here? Oh, there we go So this one's pretty close to where we put it on we scrunched this in a little bit Price is pretty close to where we put it on You know still got a decent chance if price comes down to get into that duckhead. Otherwise if it rips higher We'll book that beak profit. We've also got one That we put on as the market was coming down with this one with a May 29 expiration price has gone higher So we're we're up a little bit in the beak with that one So we'll continue to manage that as we do and then while we're here Let's just check out these weekly double calendars. So we've got two of them One of them I put on yesterday With price moving up and implied volatility just absolutely getting crushed We're down a little bit on this one, but we put on another one today So if we take a look at that one Pretty close to where we put it on actually price is a little left of center when we put it on and prices continue to move higher But no p&l yet on that one. So we will continue to manage these. We'll take these off probably the next thursday or friday Just and we may put another one on on monday depending on how much price moves around the price kind of stays right here We'll just keep these on and close those out thursday and possibly friday Uh, otherwise we will uh, you know, if we get a big move higher, we'll add another one on monday in the same cycle So that's the plan on spx sq did a closing trade. So this is one of our post earnings short put verticals. So if I go to sq on the charts Take a look at what we did here So here was here was earnings And price opened up above the expected move which is notated by this line here came right down to it And and started to bounce and then and then when the market flushed this thing just flushed by and so when it when it broke Down below, this is where we closed it out. I didn't want to hold this to take max loss The market overall was just getting super weak. So we went and closed that out took a partial loss on it Uh and uh and got out of it because it did not hold So what I what I look at for these post earnings plays is a First and foremost a lot of times it just holds above that expected move and then grinds or pushes higher Uh, if it if it breaks below it a lot of times the next kind of key support level is is price level on this previous Uh previous price before earnings were announced. So like down here. So when it when it blew through that I was like, okay, this is uh, this is not going to work this time. So we just cut out of it and took a partial loss So that's how we that's how we play those we don't we don't use any specific You know for down a certain percentage that's kind of our exit point or anything like that We're really looking at the price action of the of the of the stock and in relation to The price before earnings and the price after earnings. Those are the key levels that we're looking at Uh apple rolling adjusting trade. So this is one of our short delta positions. It's a long put vertical And so we rolled this out. We're over 50 percent of max profit on this one So we rolled it down rolled it from june to july and then rolled our strikes down Uh went ahead and booked that credit and kept that position on for short delta So if we take a look at apple apple's getting a bounce the last couple days Uh, so it's it's pushed up a little bit since we put that on so we're just looking for a little bit more downside again To get back into range on that apple trade QQQ Uh, so this is a um A long call that This is a long put diagonal that should not say call. Let's just say long put diagonal Uh, we booked over 100 percent. So we had five contracts We took two of them off and booked like 60 some percent and then we held our remaining three. Oh, no, I'm sorry This is our this is we had five. This was where we closed three of those five And booked over 100 percent on on this piece of the trade and we're still holding two So let's go ahead and go to the cues now So there's an iron duck Here it is. Okay, so we so we've got two left We had five originally this thing came down We booked over 100 profit on those now prices come back up, but we're still up Let's see. We've got 182 We've got a hundred and some of it. So we're at about 60 profit on our remaining two Holding these for some potentially more downside and if we get that, you know, we'll book obviously a a lot more profit there And as I was showing you on the chart with, you know with ndx, this is qqq same thing Uh, you know, we're getting this balanced today But I would not doubt at all if this thing rolls over and we crack new new recent lows here And so I don't I'm not sure that we're out of the woods yet You know the s and p and the dow look a lot stronger But uh, I wouldn't doubt if we see some more downside here You know these the prices of these tech companies have just gotten so astronomical as far as valuations That you know, it's not like it's not like anything's really wrong I mean we are we need to get back to a more realistic value and that's I think that's what we're seeing here. Obviously There's you know, the cpi numbers came out Uh, so there's there's some worries about inflation and things like that and that's going to affect tech companies the most But I don't you know, so I don't think we're just going to rip and rally back up to new highs in the nasdaq I think we're either going to roll over or potentially kind of chop around for a while. So That's what I'm that's kind of my assumption. That's what I'm looking for And so we're going to continue to keep short delta in our portfolio And the cues is one of those Next trade closing adjusting trade in netflix. So this is one of our another one of our short delta plays We booked half of this position booked almost 60 profit on this piece. This is another long put diagonal So let's take a look at netflix. We still have half of that left. We started with two contracts now. We've got one Uh, so we've got about 272 dollars in risk left on this And now that it's balanced we're up about 40 bucks on this one. So it came down We booked half of it holding the rest for potentially more downside action We will see if we get it. But again, you know, uh, netflix after earnings last time Really weak, uh, announcement Even though their subscribers were great the look forward statements were pretty weak So this thing just kind of chop chopped chopped and then started to break when it bounced up That's where we got short came down now it's bouncing up a little bit So we'll see if we get some more downside action some of these Like I said, some of these tech stocks I think that have seen just massive massive upside I think they've seen their day in the short term and we're going to start seeing a little bit more volatility a little bit more Uh, a little less just exponential growth out of these things. So holding some short delta in netflix Uh, opening trade in spx. So this is where we opened up a duck with 17 days already showed you that on the platform Uh, facebook closing trade. This was one of our short put verticals that we did after earnings Uh, that we had to close out for loss. So let's take a look at facebook fb So this one this now this one was a little frustrating because it pushed up above the expected move, which is right here and uh When and so it came down and we got in like right here it pushed way back up I mean, we were almost at 50 of max profit, which is where we were going to book profits Uh, we didn't quite get there waited the next day was it was looking for a potential continuation higher And then obviously the we know what happens in the naziak We know it happened in the naziak just got weak and pulled down everything with it and so uh, unfortunately facebook went with it as well And so we had to get out down here Uh, initially, you know, initially it held above the expected move then initially it held above the Pre earnings price for three days and still looked like it was going to bounce and then that the market just got two weeks So we ended up having to close it down here Again didn't take full loss on that one just took a partial loss. So Uh, you know when the market just flushes like it did You know those the ships on that sea are going to come with it So unfortunately had to book a loss on that facebook trade and then same thing with google Almost the exact same thing. So uh got out of that one as well Uh closing trade and spx. This is a weekly double calendar. So we closed, uh, this one this one With the with the down move went outside of our outside of our reign So we had to close that one out our other one that we were holding had a little bit different Uh price levels and so we ended up booking a nice profit on that one Uh in video long put diagonal. So this is another one of our short delta pieces that we had put on Uh, and this one we closed half of the position and booked over 65 profit on that piece And then held the other half. So let's take a look at the other half that we still have on Again, it's bouncing today. We took off a nice, you know Took off half of it when it was down here Now we were holding the other half in case this thing flushes down again And so here's we here's where we're at got about 247 of risk on we're up about 100 So we're up, you know, whatever that is 40 percent and looking for some more now Nvidia has earnings on 526 So we'll we'll be out of this before then So we've got a little bit of time to see if this thing can make some more Downside movement and uh, book some more profits. So that's the plan there Vxx so we haven't done one of these in a while, uh, mostly because volatility has just been Contracting contracting contracting but with the spike involved this week look like a good opportunity to add a short call vertical in vxx Just like we teach in our vixx course We're targeting, you know, 50 of max profit on this and so if we take a look at vxx Now we already closed this out today on friday just two days later So what happened is You've got this spike in the vixx or spike in vxx We put on that short call vertical, which is a bearish play and then You know, we got this massive contraction in implied volatility on thursday And this continuation of contraction on friday, which is what happens a lot of times I mean if you look back, um You know, here's a here's a longer term chart of vxx I mean, obviously the coronavirus that was that that was a pretty substantial spike But a lot of times you get these little spikes and then it contracts Spikes contracts spikes contracts spikes contract. So a lot of the that's what happens a lot of times And so that's what we were playing here. Uh, you know, this didn't look like any real massive sustained sell-off Um, you know just based on the correlation and the bonds and a lot of other factors And so I was pretty comfortable Putting on this trade looking for a as a short term spike in volatility and some followed by some contraction And that's exactly what happened. We booked over 50 of max profit in just two days. So nice trade there Uh, rut iron duck. So this was uh price came down. It was near our exit point It didn't blow through it or anything But didn't want to hold it overnight and risk another big gap down to take a loss bigger than we were Looking for on this. So we ended up just closing this out and taking the loss on that one Here's the xpx weekly double calendar that we added I already showed you that on the platform added this with seven days in the front 11 in the back On the front week, keep in mind. These are the am options. You could use the pm options as well I just like the am options in this because sometimes when you get close to expiration There's some opportunity to book even more profits depending on where price and volatility is And so uh, we we added that one And then spx. This is the other one that we closed that we booked over 50 profit on this one So had two on took a loss on one and booked a nice profit on one Uh, and then we opened the other one. I showed you both of these already There's the vixx closing trade and then lastly today. We added a long put diagonal in mcdonald's I was looking around at different stocks different indices. You could have done this in an index But I I kind of like doing these directional plays in stocks Sometimes you get a little bit more bang for the buck So I was looking for stocks that it had some recent weakness Which wasn't hard to find because almost everything had some recent weakness besides banks And then as has bounced which again a lot of things have done this But I wanted to kind of diversify into something that's not tech related and mcdonald's fit the bill So what we did here is let me go to a chart of mcd first. I'll show you what I was looking at So mcdonald's has been you know pretty pretty darn strong here Especially, you know recently and finally with this sell-off had pretty massive sell-off You know took away about you know, what is it two three four weeks worth of gains? And then uh, the last couple days is bouncing here. So what I'm looking at is we put on a bearish play As as part of our short delta in our overall portfolio to see if this thing can roll over Break through those lows and and give us some some good profits there So we did a we used a a diagonal which and the reason I like these is because we can You know have a little little amount of risk in this case We did eight contracts, which ends up being $576 in risk. So if this thing rips against us, we are cool with we don't like taking losses But we're accepting the risk of of that loss So you need to position size these In a way that you might take a full loss. So if we take a $576 loss, it is what it is We're willing to risk that for the upside that we get if this thing moves lower You know if this thing just moves down to let's see the downside price level of the bottom here's about 227 So you can see if we move down to about the 227 We're going to be at about almost a hundred percent profit on this trade And obviously if it blows through the recent lows, then we're going to be able to book Even more So that's the plan. So those are all the alerts. Let's take a look at some of our other positions starting with es So this is a a long put vertical that we've got on holding for short delta Uh looking now this one has only got about seven days Yeah seven days to expiration And so we're going to be rolling this next week But i'm hoping uh, you know, we get a little bit more downside before we do that into next week We've still got the short strangle in bonds with the implied volatility contracting today We're up about $507 on that since we did our last roll Uh apple another one of our short delta plays. This one's already been rolled out to july It's hanging out right near our break even Uh, we've got this one in de john deere I thought we were going to get back into range with that sell-off but this these last couple of days and this bounce Kind of pushed it back out This is in Um, this is in may so we're going to be rolling this one next week I do want to keep it in there just because we we need the short delta. I want to keep the short delta Uh, di a same thing this one expires next week in may so we'll be rolling this into next week See if we can get a little bit of downside before we do that Same with iwm. This is in may so we've got about four of these that we got to roll next week I mentioned mcdonald's netflix nvidia cues. I mentioned cues Uh smh, so we've got this short strangle that's been adjusted into a straddle We're actually up a couple thousand dollars on this after all adjustments and rolls and so Uh, if this uh, if this stays fairly centered into early next week We'll be near that 25 of max profit even if we're not, you know, if we're still fairly centered I'll probably just book this Book those profits and you know, this is taking up a lot of capital. This is our probably our biggest capital Uh position over 12 000 just because it's it's naked options Um, so we'll we'll have that capital freed up and and start to add in some more More small positions and you know if we can get a you know implied volatility just getting annihilated But if we can if we can get a pop back up and implied volatility, we'll have a lot of opportunity to sell some premium And we'll start doing so I mentioned spx and then lastly xlk another one of our short delta positions This is the long put vertical out in june So we're we're good there on time pretty hanging out pretty close to where we rolled at the last time So those are all the positions. Those are all the alerts. Hope everybody has a fantastic weekend We will see you here next week. Have a good weekend. Take care