 What's up navigation traders welcome to this week's video update today is Friday July 6th Hope everybody had a great 4th of July and stayed safe. I had a little bit of a short week of trading with the holiday So Wednesday The markets were closed so let's start with Monday Started out with a closing adjusting trade in corn So we closed out the call vertical side of our iron condor So if we take a look at the platform here, you can see we're still holding the short put vertical Nice up move today, which is bringing price back into our range here So if we can get a little bit more up move We'll take that one off We've also got the other piece of this. Let me reset this so I can check the correct boxes We've also got this other full iron condor, which you can see is still well within our range Just waiting for some more time to pass before we do anything there Next trade was a rolling adjusting trade in EWZ So we rolled what was already an adjusted strangle from July to August kept the same strikes Remember with these uncovered positions like strangled straddles once we get under that 21 days to expiration In this case, we had 18 left in July. We wanted to roll that out So if we take a look at EWZ What you'll see here is this is that adjusted strangle Price was down here when we rolled it prices since come all the way up here. So we've made back quite a bit of that Lost that we had overall on that piece of the trade so doing nicely there So we'll continue to look for some more profit there And then the other piece of the trade is a another strangle that we'd put on and we've got some profit there Not enough to take off yet. So we'll just continue to wait on that if we take a look at the chart of EWZ you can see That we've you know implied volatility still is continuing to stay high With this significant down move. So we're just continuing to play the game add positions book winners and manage as needed Next trade was an opening trade in 4 slash 6 E which is the euro IV percentile jumped up to 87 at that point So we added a put on a new strangle here and if we take a look Still well within our range You can use a little bit of a downside movement In the euro to benefit this and some more time to pass But still well within our range. So nothing to do there at this point Next trade was an opening trade in Netflix. So this was a pre earnings long call in Netflix Which we ended up taking off today as the On Friday here. We took that trade off booked about a 35% profit in just four days So that was a good trade if we take a look. Let's take a look at the chart of Netflix I was actually hoping to get a nice move up to kind of the 415 420 range which would have given us even more profit But we booked a profit of over 500 bucks in just this short little period here And I don't like to hold those Trades that have a negative theta decay over the weekend And it's not that you know that all the theta is going to decay over the weekend or anything like that But just those extra couple days I figured we just booked this profit had got made over 35% in just a few days If we do get a little bit of a pullback on say Monday or Tuesday We still have some time before earnings So we may look to re-enter this trade if we get a little bit of a pullback and see if we can't get an extension out to a little bit higher prices and implied volatility is still continuing to contract a little bit So if we can get in Early next week and redip in the Netflix and look for some more continuation if everything looks good to go Then we may do that Obviously depends on where prices open up and where implied volatility is and so forth, but look for that potentially early next week Next trade was a closing closing trade in Ford slash ng which is natty gas booked over 50% of max profit on that piece of the trade this is one that we had battled for a while of quite a few adjustments and We we ended up taking a small loss took a loss of about 140 bucks on this But and I would have continued on and continued to add and manage this and extend duration But implied volatility is so low in that gas and we've you know We've been we've been playing it even with implied volatility fairly low But just didn't make sense. Let me go to UNG to get an accurate reading of the of the implied volatility But you can see I mean when we took this off I mean it was net is down to like one or two and I just don't I just don't like selling premium don't like the risk Reward of putting new positions on at that point So we'll wait for implied volatility to go back up before we re enter in that gas and we went ahead and just cut Our losses on that one took a loss and because I'd rather redeploy that capital into other symbols that have higher implied volatility so Out of Nat gas at this point next trade we did an opening trade in XLU New short strangle in XLU. We did this tighter than normal Partly because we just weren't getting a decent enough credit if we were looking kind of in that 15 to 20 delta range So I went in a little bit tighter almost to astral And that gave us enough credit to make it worthwhile So let's take a look at XLU See and this has just been a crazy one directional straight-up move Hadn't had anything on until this point, which is good because that would have blown through some break evens there But hopefully we can get price to kind of settle down and consolidate a little bit If we take a look here, this is our position. It's moved up slightly since we put this on and implied volatility Expanded a little bit more even after we put it on It's just waiting for you know some more time to pass and theta to decay before we do anything else in XLU Next position was an opening trade in JP Morgan. We did a pre earnings long straddle JP Morgan JP Morgan the IV had been contracting and price had been kind of consolidating so we're looking to potentially Get in and look for a breakout of price in either direction remember the straddle We don't care which way it moves We just want it to move a lot and then we want implied volatility to expand Going into the earnings announcement now that has not been the case so far if we take a look See it's still very centered, but implied volatility has contracted even Significantly further so we're down on this trade. So we're looking for some price movement and Implied volatility or two. You can see implied volatility is getting crushed today, which has hurt our position so if we can get a a Big move and get this implied volatility to crank it up leave the leading into earnings We should be okay, but we'll just continue to wait and hopefully that happens Next trade was a rolling adjusting trade in EWW. We did this today. So price had moved Significantly past our short strike. I gave it a little bit more time Just because there's a decent amount of premium still in the puts still in that untested side But price continued a high continued higher really moved up yesterday and today So we so we went ahead and rolled those puts up. We still have 42 days left to expiration. So we didn't roll out to the next expiration. We just kept that in August and And and rolled our puts from 42 up to 48. So our call was also at 48 So now we simply have a straddle you can see prices is moved out here But we have you know, we just did this so the puts have Have the full amount of premium in them. Let me just uncheck this so I can show you what I'm talking about If we look at just the puts you see we just put this on and it's moved up a little bit since then so Got plenty of room to go in here Most likely we will continue to manage this. I will with implied volatility still still decently high On Monday, I will look to potentially put on a another piece to this and add another centered strangle around where price is To to collect some more credit and just to add some more Buffer to this trade. So look for that early next week assuming implied volatility stays high enough to do so Next trade was the closing pre earnings long call in Netflix. I already mentioned that and Then lastly, we had a closing adjusting trade in wheat for ZW Booked around 40% of max profit on this piece of the trade Still holding our put vertical side of the other iron condor So if we take a look at wheat huge move up today up over a percent and a half Which brought price all the way back into our range Which is nice. So if we can get a little bit more up move We'll end up booking a profit on on this iron condor as well And if that does happen, we will be completely out of wheat after a long battle If not sometime next week if prices just kind of hanging around here if it moves a little bit lower I'm gonna go ahead and put on another iron condor centered around price collect more Credit and continue that trade. So we would do that out in September with in this case It has today 49 days to expiration and so look for that next week We get a another nice move up in wheat Then we will just go ahead and book that trade. If not, we will add another iron condor and keep it going So that's what we're looking at there. Those are all the alerts from the week Let's take a look at some of the other positions. We have on we've got two positions on in oil This is the adjusted strangle that we have you can see price is kind of hanging out near the upper end of its range And then we've got this other piece, which is a an unadjusted strangle And you can see price has moved up out of center on this one as well, but well within our range So just looking for a little bit of downside in oil. I've had a significant move up So we can get a little bit of a push down Get back into both of those ranger ranges a little bit more centered Being in good shape there. If not, we'll just continue to adjust as needed For slice ES the S&P stocks up big today and yesterday So that's kind of hurting our portfolio as we like to keep that short Delta But let's take a look at what we've got here. We've got two different positions on in ES One is this long put vertical. So just looking for some downside to benefit that Getting down to down to 14 days to expiration in that so we will potentially look to roll that next week or Take it off if we get a significant move down, but we'll see what happens We've also got a an iron condor on here, which is a separate trade And you can see price is still well within our range Just looking for a little downside and some more theta decay to benefit that piece Mentioned corn mentioned wheat apple We've got this long long put vertical which we put on to put some short Delta in our portfolio Could so need a little bit downside to benefit that Similar to the ES we've got 14 days to expiration. So we'll do something probably late next week on that one I'll just see where where things are at that time DIA the Dow ETF we've got a Few different things working here So we've got two sets of short call verticals that were previous part of iron condors This one here price is still in our range need a little bit of downside to benefit that The other short call vertical here. You can see is still in our range. We've got some profit there Was looking for a little bit more before I took that off But price, you know moved up significantly on us the last couple days So didn't get a chance to get out of that and then we've also got a long Excuse me a short put vertical, which is obviously which was also part of an iron condor Price has moved back in a range with this up move. So if you get a little bit more up move We'll book that one So we'll take a profit on that iron condor if we if we close that out after if price moves up higher And then we'll decide what to do if we want to add another iron condor or what? Yeah, it just depends on where price and IV are at that time If we take a look at a chart here, you can see applied volatility percentile still at the 65 level So some some good good premium still left in DIA EEM we've got a strangle on in EEM Almost to the point of taking off for profit Gonna wait for about Almost 50% at least of MAC this profit before we take this one off EWW I mentioned that one EWZ I think I mentioned that one. Yeah, we've got the the two different strangles there FXI so we've got two different butterflies here With four one with 14 days left to expiration you can see it's out of our range But if we can get a little bit of an up move in FXI that'll benefit that piece and Then our other piece is a pretty centered butterfly out in August Where you can see we're starting to get a little bit of a profit there But definitely not enough to take off yet. So can continuing to be in wait in C mode in FXI Okay, so in IWM We've got this full iron condor So he's hanging out near the upper end of the range needs some downside to benefit that piece And then we've also got a short call vertical Which is with this up move today has come out of our range. So looking for some downside to benefit that piece All these are in July. So we'll be Managing these in over the next couple weeks here before expiration IYR this is an iron condor. We put on in the real estate ETF You can see it's moved up at a center since then but still well within our range looking for a little bit of downside to benefit that one I mentioned JP Morgan cues So we've got three different sets of short call verticals here again looking for some downside to benefit that one I was actually looking to take one of these off earlier in the week never got filled Unfortunately, and price has moved up the last couple days That one's still in range there and then we've got the one that we already rolled out to August Which you can see has moved out of our range. So looking for some downside there But again, we're holding these all for for that short bias for that short bias in our portfolio That we like to carry when we're selling premium XLK kind of a similar thing. This is a long put vertical but looking for a little bit of downside to benefit that piece and Then XL you I already mentioned that one. We've got that the tight short strangle on so Those are all the positions that we have on Look for another great week of trading next week. Hopefully we get some a little bit of downside a little bit more IV Expansion always makes things fun. Everybody. Have a great weekend. Talk to you next week