TheProfitcy

BBY Earnings Play; Unbalanced Iron Condor W/ $0 Upside Risk

NYSE:BBY   BEST BUY INC
BestBuy has been consolidating since the beginning of July. Earnings are due tomorrow before the opening, and our IV% is at 56%, so I am looking for a play here to collect a credit.

Historically looking at BBY             we can see usually see a slightly bullish move after earnings ( EPS             , which is usually beating estimates). Because of this, and being at the top of this range with our other indicators showing bullish momentum as indicated on the chart, I want upside protection, while I expect the range in BBY             to continue through expiration this Friday.

All that being said, and what is shown on the chart, I am selling for a $0.50-$0.55 credit the 25/29.5/34.5/35 Put/Put/Cal/Call. This means if we break out from here, not only will I likely be putting on another bullish trade to take advantage of the breakout, but I will still have a small (VERY small) profit. That however beats a loss.

Ideally, we would like volatility to collapse and BBY             to stay between $29.00 and $34.50, but anything above $29.00 would be acceptable.
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