 Happy Friday, Navigation Traders! Today is Friday, June 1st. Welcome to this week's video update. Let's jump into the alerts for the week. Monday was a holiday, so we had a little bit of a short week of trading. So, first trade started on 529, where we did a rolling adjusting trade in EWW. We rolled our strangle from June to July. There was only 17 days to expiration, so we needed to roll. And we just did the calls by just one strike, and we rolled them down from 48 to 47, giving us a 47 straddle in July. You can see here's the trade that we're looking at. The 47 put 47 call in July. You can see it started to come back a little bit for us. And then we've also got this other strangle in July as well. Let me reset this so I can click off this one. And you can see we've got some profit there on that strangle, not enough to take off yet. So, we'll just continue to manage that as necessary. Next trade was an opening adjusting trade in the Euro, 4 slash 6E. IV percentile at the time was at 96, and so we simply added another strangle in 6E. So, if we take a look here, we've got two different positions. This is the one from the alert that we just added, already up about $170 on that trade, but still looking for more profit there. We also have another trade in strangle. I've got to reset this one as well. And that one is right here. So, price started coming down to the short strike. And so, before I even adjusted this, we just added another strangle as I just showed you. This one has now come back up into range a bit better, so we have not adjusted this one by rolling the calls down yet, because price did come back into range, so now we're just holding the two strangles and we'll continue to manage them as necessary. Next trade was an opening trade in EEM. IV percentile jumped up to 80 at that time, so we wanted to sell some premium. And as I mentioned here, you could have possibly bought the wings to define your risk or traded in Iron Condor, but when you're trading a symbol this low, you know, $45 symbol, trying to buy the wings just doesn't really give you enough credit. So, if you're going to, you needed to select strikes that were closer to the money to collect enough credit to be worth that. So, hopefully that made sense when I sent that out. So, if we look at EEM, you can see since then, we had a huge contraction and applied volatility today, so we've only been in this trade for a few days, already up about 90-some dollars, but looking for at least 30% of max profit, preferably even more than that. Next trade was an opening adjusting trade in the notes for ZN. So, we just simply added another short strangle in ZN, IV percentile in TLT, which is the ETF we use to look at the IV levels in TLT. So, that was at 79, and then we're also still holding our adjusted strangle in July. So, let's go to ZN and take a look at that. So, here is our adjusted strangle in July, so you can see prices in our range here. I need a little bit more down movement, a little bit more implied volatility contraction to benefit that. And then the alert that we just sent, I've got to reset this again. The alert that we just sent was this one with, we just did one contract on this when implied volatility spiked up. And so, it's still well within our range, just kind of waiting to see what happens here, allow for more time, and theta 2 decay. And we'll continue to manage both of those. Next trade was a rolling adjusting trade in Apple. So, we continue to keep this long put vertical in Apple, primarily for the short delta that it provides in our portfolio. So, we rolled this from June to July, and then adjusted the strikes to 195, 185. So, that's the position that we currently have on, see 195, 185. So, again, just looking for some more down movement here. Apple has been extremely strong, so it hasn't worked out for us. We rolled a couple of times, but it's serving that purpose as short delta in our portfolio as well. If we get to the point where we don't need that short delta, this may be one that we cut loose and just take our loss on it. Otherwise, we may just continue to roll it and keep that short delta. If we look at a chart of Apple, you can see just how strong it's been after the earnings announcement has just kind of been up and then it's been trading sideways. So, if it rolls over, that's going to help us. If not, we will see what to do depending on the time that we decide to make an adjustment within the next rolling period, or just cut it loose. We'll see at that time. Next trade was a closing trade in XRT. So, booked a small profit here. We were under 21 days to expiration. So, as you know, as we teach, when you get down to under 21 days to expiration, we want to start looking to either roll or close. And the reason is, is because when we're trading these naked or uncovered options, the gamma or the risk really starts to accelerate in those last few weeks of trading before expiration. And so, in this case, we are in the profit and implied volatility had dropped significantly in XRT. Let me pull up a chart here. So, at this time, now it's trading even lower, but it's been low this week. And so, instead of rolling and continuing, trying to get more profit, we just simply closed out the trade, booked a small profit. And we'd rather use that capital on other high implied volatility symbols. So, got out of that one for profit. Not as much as we usually like to get on a strangle, but still profitable nonetheless. Next trade was a closing trade in Costco. So, we had a pre-earnings long straddle on in Costco. And on Thursday, excuse me, Wednesday, the day before they announced earnings, I was trying to get out. And could have eked out a small profit, but as I stated here, price kind of ran away from us. Never got filled. And so, the next day, which was the 31st, yesterday, I closed this out. We ended up taking a loss on the trade. Just didn't get the price movement that we needed. We take a look at Costco. We got the implied volatility expansion, but it was not enough because when we got out, price was still dead centered. So, we got in right here after implied volatility had contracted nicely. Got that spike of implied volatility going into earnings that we wanted. However, price just kind of traded sideways. And so, we got out at a loss on that one. Next trade was an opening adjusting trade in CL oil. So, we simply just added another short strangle in oil, implied volatility percentile up at that 65 level. So, we've got two positions on in oil now. So, if we take a look and you can see I had a huge run up and then just took it all back in just a matter of about a week or so. So, here's the old strangle. Here's the first strangle we put on. And you can see prices come down and has breached our short strike right here. But if we take a look at just the call. So, if we uncheck the puts. I've got to reset this again. Toss has this quirky thing. So, if we just look at the calls of that one, you can see there's still a decent amount of premium in here. You've got a max profit of 660. We've got a profit on that side of about 510. So, still a decent amount left in there. That's why I'm not so quick to adjust. We still have 46 days to expiration. And so, that's why I'm giving this a little bit more time and maybe even giving it all the way to the break even. If it continues to move lower, we will roll those calls down. But for now, we're just going to be patient and hold. And then the alert that I just mentioned was the new strangle that we added. As you can see, it's still very centered. Nothing to do here except for weight. If we take a look at oil on the charts and see what the implied volatility did today. You know, we had a huge contraction in stocks of implied volatility. But you can see Ivy continued to stay higher in oil, getting some good volatility in oil. So, I love trading oil. I've talked about this before. Just such a great bang for the buck. As far as the amount of capital you have to put up for the amount of potential profit is excellent. So, I love having positions on in oil. And lastly, we did a closing adjusting trade today in wheat. So, we had two iron condors on in wheat and we ended up closing one of them. So, this is the one that we still have on. And you can see price is still within our range. Need a little bit of up movement in wheat to benefit this one. So, those are all the alerts for the week. If we take a look at some of our other positions, we've got the Euro. I already mentioned that one, oil ES. So, we were in range here yesterday and then today with this huge move up, we came out of our range. So, on this long put vertical, which we're holding for that short bias, that short delta in our portfolio, we still have 14 days. So, we'll probably either roll or close this next week. Most likely we'll roll because we still need to keep that short bias, short delta in our portfolio. And just to kind of refresh your memory on why we like to do that is, you know, when we're selling premium, when we're selling iron condors and strangles and straddles and all these kind of range bound trades, we need to protect ourselves more to the downside than we do the upside. Remember, if mostly equities, if stocks go up, typically implied volatility is going to be contracting. So, that's going to be benefiting those positions, assuming they're still in the range. But when the markets go down, not only does the market go down with more velocity and go faster a lot of times, but also implied volatility spikes up. So, to protect ourselves, we have to keep some short delta, a little bit of short bias. We've got several videos on this topic in our blog. So, if it's still a little confusing, make sure you look at those. One is called how to delta hedge your portfolio. One is called how to trade options like a professional. So, if you haven't watched those, make sure you do. And that'll help kind of explain why we keep that short bias in our overall portfolio. We've got another position on an ES, a totally separate trade, which is an iron condor. You can see we've got some profit there, but not enough to take off yet. Natty gas, we've got an iron condor there, still well within range, but could use a little bit of down movement and more time to pass in that gas. Whenever the notes, whenever wheat, whenever apple, Amazon. So, this is one where we have a short put vertical, and this is one where we put on as a post earnings short put vertical. So, as we teach in our course, in our earnings course, after you have a significant move up, if it moves up higher than the expected move, which I've just kind of indicated here on the chart with that red line, it moved up. We put on a trade with just one day to expiration, hoping that price would just kind of stay above that line. But as you can see, it dropped significantly down below it. So, we actually rolled to the next expiration cycle and then rolled one more time. And you can see it's kind of held this bottom level and continue to grind higher over the last couple weeks. And now it's hitting new all-time highs again. So, you can see we are now in the profit with this trade. I'm just giving it a little bit more time. A, this is a long delta trade, a long bias trade. So, it helps kind of balance our portfolio. We don't want to get too short. And so, having some short, some long trades is always something we like to do. So, we'll continue to see if we get a little bit more up movement. We'll probably just book this profit into next week. But we've got a huge range here you can see between now and expiration, which is on 616. We're now at a 77% probability of winning on this trade. So, I'm just going to hold on to it, see if we can squeak out a little bit more profit. And we may even roll. We've got 14 days left to expiration, depending on where our overall portfolio is from a delta standpoint. We may look to roll, but we'll send out those alerts to notify you at the time. DIA, we've got a couple sets of short call verticals. These were previously iron condors that we've continued to roll. Could use again some more short downside to benefit those. EEM, we've got, I think I already went over this one. This is that short strangle, got some profit not enough to take off yet. EWW, I already mentioned. EWZ, another short strangle in the Brazilian ETF. If we look at the chart, you can see we had a nice contraction since we put this on. The price also went down, so we're still well within range, but just looking for a little bit of up movement in some theta to decay to benefit that one. IWM, so we've got a couple of positions on here. One is this short call vertical, which is previously part of an iron condor, needs some downside to benefit that. In the next week, we'll be looking to potentially roll that to the next expiration cycle, but before we get to move back in a range, we may just close it. And then the other piece of this trade is an iron condor and still very centered. Nothing to do there, but wait. McDonald's, we put this on to kind of help at the point that we put it on. We are a little bit too short in our portfolio, so we needed some long bias trades. McDonald's has not cooperated with us. You can see it's gone down. Depending on where we're at in the next week, we'll look to potentially roll or close this one. And the Q's, very similar to the IWM. We've just got a couple sets of short call verticals that we continue to keep for that short bias. And these were previously part of iron condor, so we'll continue to manage those, but nothing to do yet. These two sets with the three contracts, you can see price is still well within range. If we get a little bit of price movement down, that'll benefit that. This one, which is our most recent iron condor that we closed out the untested side, this is well without a range. So this will be the first one that we look to roll to next expiration cycle. Again, we've got 14 days, so we've got plenty of time. I don't want to just let it sit out here and decay the rest of that theta though. We'll probably roll that into next week, unless we get a big move down. And lastly, XLK, which is very similar to the Q's. It's a technology ETF. And so this one again, with this big move up today in stocks, moved well out of our range. So looking for a roll of that probably into next week as well. So next week to prepare, just look for a lot of rolling. We've got a lot of positions on still in June that we want to roll out to July. And so we'll be doing a lot of rolling and adjusting trades next week. And if the market turns around and gives us a little bit more downside, that's going to help us with implied volatility, give us a little bit more opportunity to put on new positions. But we've still got a great diversity of positions here. 6E is the Euro, CL Oil, S&Ps, Nat Gas, NoteSuite, some individual stocks, the emerging market ETFs. McDonald's and the Q's technology. So I really like our mix here. The other ones that I was looking at was FXI, which after today's contraction implied volatility to going down below that 50 level. And IYR, same thing, it kind of contracted lower than we like to put new positions on. But those would be two to add in, which would be China and real estate is IYR. So those would be good additions to kind of get some additional diversified uncorrelated type positions on. So other than that, everybody have a great weekend. Look forward to another great week of trading next week. Talk to you soon.