Short Term Set Ups



Had a regular strangle on in United States Steel Corporation (NYSE:X) / Regular October (40 Put, 50 Call). Today it blew through my bottom strike so I rolled my call down to the 44.5 strike and collected some extra premium in the process

Also have an iron condor on in iShares MSCI Brazil Index (ETF) (NYSE:EWZ) October 31. Have the 44.50, 42 puts and 50, 52.50 Call spread. Same thing - it has blown through my strike but since I have a month to go until expiration, I will hold for the moment

Also have a put spread on in SPDR S&P Oil & Gas Explore & Prod. (NYSEARCA:XOP). My short strike is 67 so nothing to do here either for the time being.

Took over some calls today in GDXJ for a nice profit as they continue their downward slide... Rank has also increased in this ETF along with SLV. Petroleo Brasileiro Petrobras (NYSE:PBR) is continuing down here at a fast pace. I'm short the 19-18 put spread which will almost certainly be a loss but at least the max loss is $100. I sold the 16 call today to bring in some more premium that I can put against the probable loss.

All these trades were done because of high IV rank. I sell when the rank is high and then buy back when the rank comes out of the options...

Till Tomorrow..

About Individual Trader

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