OPENING: IWM DEC 16TH 132/134 LONG PUT VERTICAL
Going directional here -- a rarity for me ... .
Metrics:
Probability of Profit: 47%
Max Profit: $114
Max Loss: $86
Break Even: 133.14
Notes: Here, I'm looking for IWM to weaken rolling into FOMC/rate hikes. However, if price breaks to the top side of the setup, I'll roll out for duration and credit by "flipping" the spread into a short put vertical ... .
Metrics:
Probability of Profit: 47%
Max Profit: $114
Max Loss: $86
Break Even: 133.14
Notes: Here, I'm looking for IWM to weaken rolling into FOMC/rate hikes. However, if price breaks to the top side of the setup, I'll roll out for duration and credit by "flipping" the spread into a short put vertical ... .
Comment:
The up move in the Russell ... unrelenting. Rolling the short put up to the 133.5 strike (same expiry) for a .39 ($39) credit. There is still some time for this to "break down", but I'm prepared to roll it down and out, flipping it into a short put vertical for a credit if I have to ... .
Comment:
Oops. I may have posted this to another "chain" in error. In any event ... . Rolling the 133.5/134 long put vertical to Jan 20th 129/131 short put vert for a .31 credit to attempt to salvage something of this trade, since I don't see price breaking 133.5 in the next 4 days. Additionally, selling the Jan 20th 144/147 short call vert to complete a 129/131/144/147 iron condor.