OPENING: FDX MARCH 31ST 177.5/182.5/202.5/207.5 IRON CONDOR

... for a 1.40 credit. (Earnings; Volatility Contraction Play).

Metrics:

Probability of Profit: 60%
Max Profit: $140/contract
Max Loss/Buying Power Effect: $360/contract
Break Evens: 181.10/203.90

Notes: Will look to manage at 50% of max.

Comment:

Down to 184.65 post-earnings announcement. Somewhat clear of the 182.50 short put, but we'll see how it plays at NY open. Mostly likely, call side will be at/near worthless.

Trade closed: target reached:

Out at open for 50% max profit -- .70 ($70) gross profit per contract.