The city of Chicago has been impressive. And yeah, I know, locals are probably sick of it, relatively high crime rates, and I bet there is someone, somewhere right now writing an article about "Why Chicago sucks". BS. Chicago is a magnificent city and it ranks very high up there in my personal taste. No offense, here's my ranking:
3- Miami (perfect weather + silicone implants)
4- New York City (Yes, too crowded and overwhelming for me)
6- Ottawa (Ottawa sucks big time)
99 - Havana (makes Ottawa look like paradise)
But wait. This is not LT's touristic aspirations?! This is not The-Lazy-Tourist!?
After that lengthy, Kardashianesque introduction, let's get our market fix, shall we? Let's get to our addiction.
- Initiated an SPX July 1890/1900/2175/2195 unbalanced Iron Condor position on Wednesday
(Click on image to enlarge)
McClellan: +63 (neutral)
Stocks above their 20 DMA: 69% (neutral)
No man's land, getting close to a short term overbought extreme. A one or two percent push higher would get us there and then I would be a very happy seller of the August 2250/2260 SPX Credit Call Spread to create an Iron Condor with the existing 1760/1750 CPS.
July SPY Long 169 Puts
August SPX 1750/1760 Credit Put spread
Good boy. Just 5 deltas. I'd gladly close it for 0.15 debit (current price is 0.30)
September SPX 1825/1800 Debit Put Spread + 1625/1600 Credit Put Spread
June SPX 1875/1865 Credit Put Spread
July SPX 1890/1900/2175/2195 unbalanced Iron Condor
The position that was initiated this week. No threats at the moment, 7 weeks to expiration.
Action Plan for the Week
- I'm willing to close the August 1760/1750 CPS for 0.15 debit. GTC Order already in place.
- If we reach an overbought condition, I will sell Credit Call spreads, probably SPX, probably August to take advantage of the existing CPS and not consume extra margin.
- If the market falls, I won't do anything.
- If the market moves sideways, I won't do anything.
Monday: Memorial Day
Tuesday: US Personal spending and Consumer Confidence. China's PMI
Wednesday: Europe PMI. US ADP Non-Farm Employment Change. Manufacturing PMI
Thursday: Crude Oil Inventories
Friday: US Non-Farm Payrolls, Unemployment Rate
Options Trading results: Up +0.89% YTD vs S&P up +2.70%. Portfolio 60% invested, 40% cash.
Forex Trading results: Down 0.01% for the year. No position at the moment.
Have a nice week folks!
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