I've decided to make a change to how things are done for this Trading Journal. During the day I have to focus on actually managing positions, finding new opportunities, staying read up on the latest market news, and creating video content. It's too much to juggle to do all of that AND create trade UPDATE videos. So from now on, I will write up a short paragraph here at the end of each day in which I make a move, be that opening, closing, or adjusting positions instead of making a video. Even making a short little 5 minute video takes about 2-3 hours out of my day that I need for other things.
Video updates will remain for the Saturday Portfolio Analysis and Weekly Trade IDEAS. If something really crazy happens, and I have yet to really define what that means, I'll make a video detailing what happened. Only in those special occasions.
For updates in real-time on all the positions managed, follow me on StockTwits or Twitter. To see the actions made you can check out this spreadsheet.
Today I opened an earnings iron condor in $ORCL. Oracle has extremely high implied volatility because it's usually a mover on earnings. Over the last year, $ORCL has moved on average about 6% from close to close after the ER. However this time, the stock has run up big into earnings, which is typically an indication that the good news that will be released tonight is already "baked in" or "priced in" to the stock. Thus, if earnings are in-line with estimates or if there is a small beat, I don't think the stock will move too much - it dinged a fresh 3 year high today (possibly ATH but I'm too lazy to check). Watch out if earnings miss by a decent amount or if there is bad guidance. I anticipate a mild stock move and a massive crush in IV, which is what the Sep17 49/50.5/55.5/57 iron condor @ 0.47 is positioned to profit from.
Here are other trades made this week in video format: