9/18 $T: Got out of the Oct17 33.5/35.5 Bull Put spread @ 0.30, which was a gain of 0.31. $T rocketed higher this week after forming a bottom and established that this move was no dead cat bounce. Honestly I'm just happy to finally log a directional winner ... it seems that every directional call I made but didn't open a position in made money and every one I did get in lost money. Oh well. That's the way trading goes sometimes.
9/19 $WMT: Got into the Oct17 75/80/85 Iron Butterfly @ 2.62. $WMT has medium-low implied volatility right now and in the past that has translated to a good opportunity to sell an iron butterfly. With the iron butterfly, you have a similar breakeven range to that of an iron condor when IV is high. Because IV has contracted recently in $WMT, and by the looks of the chart, this stock appears that it will consolidate between 81 and 78, and the breakevens on the position are 82.7 and 77.3, with a 50% chance of profit. Iron butterflies tend to be slow moving positions on both the loss and profit side so, even if $WMT does not trade range-bound, the losses on the position won't be too terrible.
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See you Saturday!