Benji
Short

IWM - Russell 2000

AMEX:IWM   ISHARES TRUST RUSSELL 2000 ETF
Sticking to adding some short delta here until we are able to start breaking out more...

-1 Aug17 170/174 call spread, with a financed $162 put - overall $.10 cr .

The trade has unlimited profits to the downside, in theory, but very little chance in reality.

I have set a stop loss at $171, to equal around a $100/contract loss. I will probably look to manage this trade if we get a quick move to $200-300 profit, or until I don't see the same bearish-neutral bias represented. Luckily for this play, time is on my side since I received a credit.
Trade active: Sold -1 Jul27 $158 put against this hedge to gather in some more credit, $.20.
Trade active: Rolled the $158 put out to Aug16 expiration for an add'l $.26 cr. Overall, the entire trade is on for a $.56 cr, which puts my B/E to the upside at $170.56.

To the downside, I have a 4pt wide put spread between the 158/162. This means I can capture the entirety of that spread if we close below 158 in about 23 days or so.
Trade active: Today's continued down move allowed for some space to remove my risk to the upside here. I bought back the call spread for $.29 db, resulting in a $90 profit on the call side.

I currently still have the 158/162 put spread for $.81 db. After counting in the profits from the call spread and other short put rolls, I'm sitting at a $.29 cr overall. This means that I can still make $4 + .29 to the downside (exp below $158) or have no risk to the upside and can still walk away with $.29 in profit.
Trade closed manually: Rest of the trade will likely expire worthless today.

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