 Happy Friday, Navigation Traders. Today is May 26th. Welcome to this week's video update. Don't forget the market is closed for Memorial Day, so take some time with your family, have fun this weekend, and have a relaxing time away from the markets on this long weekend. So let's jump into the trades. We've got the first one we put on as our trade of the week was a strangle in Microsoft. So Ivy was just under that 50 mark at about 45, but it was kind of one of the higher ones on the board. I don't do a ton of trades like this on individual stocks, just because you've got earnings and dividends to worry about. But in this case, Microsoft, if we take a look at the chart, when we put this on, is right about here, and they had just announced earnings a couple of weeks ago, so don't have that to worry about in this cycle. Implied volatility was decently high, so we put on a strangle in Microsoft. Still pretty centered, nothing to do yet in there, so we'll continue to monitor that. Let's see, Tuesday didn't have any trades. The next trade was a closing trade in XOP, so we made about 40% of max profit in XOP. That was a nice trade. In soybeans, and then on Thursday we didn't have any trades either. Today we made quite a few trades. We did some adjusting and some rolling of some positions, the first of which was in soybeans. We had an iron condor, price came down and breached our breakeven, so we took off the untested side, which is the call side. You can see here price has been a big move down in soybeans today. See that? That came through our breakeven, so we took off the untested side, and then we'll continue to monitor this, look for a potential bounce up. Then simultaneously we put on another trade in the next cycle. This one's in July, as you can see here. Then the next iron condor we put on in soybeans, and you can see it even moved down a little bit on us from where we put it on. We collected more credit, wind our breakevens, put this on in the August cycle, so extended that duration there. We will continue to monitor soybeans. I just discussed that there. We did a closing trade in oil, made over 40% of max profit on that one. That was a nice trade. We had two strangles on. That's the one that we took off. It was the 42-52 strangle. We still have on this one, which if we stay in a nice narrow range into early next week, we'll probably take this one off and book a nice profit in that as well. Love trading oil. If we take a look at the implied volatility, we got a little bit of a contraction today, which allowed that premium to get sucked out of those options. You can see this little dip right here and a little bounce up. Actually, the one we took off, oil was still trading down here. That was good, and it bounced back up and gave us a little bit more profit in our current strangle as well. Continue to monitor that. I love having positions in oil. As you can see when it was so low for so long, we didn't have the opportunity. Any chance I get, even if it's not quite over 50, I'm going to make sure I have a position on an oil because you get just such a good bang for your buck on the options because of the leverage you get using the options on the futures. Next trade was in EWZ. What I did here is I simply rolled this out. We had one position in June and we just rolled that to July. We also got another July position. Let's take a look at EWZ. Remember we had that big 20% drop in one day. We actually put a strangle on right here. Got that huge drop, and then it moved all the way back up right in between our strikes. That up move really helped us recoup a lot of that. If we take a look now, we've got, let's try to get rid of some of these so we can look at it correctly. This is the adjusted strangle. We rolled that out to July, collected more credit, gave us this nice big profit window, widened our range here. We'll continue to monitor this. We may need to roll this for another cycle to get back to profitable, but assuming it stays centered and eats away some of that theta, we could get that in this cycle as well. If we take a look, the implied volatility is still nice and high, so we want to be, we want short premium positions in EWZ still, and we might potentially look to add some more too. So it's kind of one of the highest IV symbols across on the board right now, so look for maybe more positions there. And then this, this strangle is still pretty centered, looking for some IV contraction there, and hopefully we'll book a profit in that one as well. And last trade we did was another rolling trade in EFA, so we had this adjusted strangle. Again, I've been, I've been talking about on different videos as we get to that kind of 21 days to expiration, we're going to start rolling those out to the next cycle. If we're in the profit, we'll just close it out for a profit. If we need to extend duration, we're going to do that a lot sooner and around that 21 days to expiration because in those last few weeks, the gamma accelerates, and you just don't get the reward for the amount of risk you're taking. So that's why I did this, and we'll continue to do these, especially these naked positions, these strangles with 21 days to expiration. It really lessens your risk, it lessens your volatility in those positions, and it really will help your P&L over time. So if we take a look at EFA, you can see we rolled this one out. Stayed in the same strikes, we have a, we actually have an inverted strangle, so our put is higher than our call. We've got the 65 put, 64 call, so that's what it looks like now. Collected a bunch more credit and widen our break evens, need a little, still giving us a chance to get a little bit of a down move to help out, and then we'll manage that one potentially for a small winner or, or more. So take a look at the charts, had a significant move up, applied volatility still in the, well, IV rank is 22, IV percentile is 6, so we'll continue to monitor that one. Let's take a look at some of these other positions we are in. I mentioned soybeans still have a position on in wheat, so we've got, we've got two positions on here. With the, with the big move up today, it really helped our, our put vertical. So we originally had an iron condor on, price moved outside of our break even, so we took the untested side off, and then we've had a nice move back up. We could take this trade off for a profit right now. I'm going to wait till, wait into next week to see if we can get a little bit more of a move up, or some more theta decay and bank even more of a profit in that side. And then if we look at our other position, we put up, simultaneously put on another iron condor, and it's prices right here. So still well within our range, and hopefully we can bank a profit on both of those. And that is always the goal. Apple took that one off. Oh, and actually, so I needed, I need to send this out because I actually got filled fairly close to when the market closed, so the alert did not, didn't go out in time. So I'll send that alert out, but we are out of the Apple iron condor. I forgot to mention that one in an announcement or a text, but I'll make sure I get that out. But we booked a nice profit in, in that Apple iron condor. DIA, we've got a iron condor in still, still within our range here. So we'll continue to wait on that. Need a little bit of a move down and some more theta decay in DIA. IWM, same thing. We're in the profit, but not quite enough. Need a little bit of a move down in IWM. And then Lulu, let's move down on us a little bit. And that, that implied volatility has stayed bid. You know, with the upcoming earnings announcement, which they, they kind of shortened up on us from what it, from when they normally announced. So we are going to get out of that early next week before they announce earnings. And we'll probably get out of that at a small loss or potentially a break even. I mentioned Microsoft cues. We had an iron condor in here, which we turned into a vertical after it tested. And then we rolled this. And so we're still looking for a bit of a down move in QQQ, but it's fine. It's, it's really being used as, as a short delta in our portfolio as well. You know, with the market at all time highs, it makes sense to carry a little extra short delta in your portfolio as well. So that's, that's part of what we're using this QQQ position for. And then SPY, we got a calendar, a little profit in there, but not enough to take off yet. So we'll continue to monitor and manage that one. Implied volatility at zero, we'll probably be looking to put on more calendars next week to, to take advantage of that low IV. So hope that was helpful. Hope everybody had a great week of trading. Have a great weekend and we will talk to you next week.