EFA has been in a long-term sideways channel that is relatively unaffected by broad market movements. It looks like a solid target for our Iron Condor.
Our ATA portfolio MGM Bull Put Spread is Expiring for full profit as expected.
Don’t poke the Sleeping Tiger. Out of the blue , China let leak that they intend to significantly reduce the amount of money that can be taken out of ATMs in Macau. This may sound like a minor item but it had a multi-billion dollar effect on the casino stocks such as WYNN and LVS.
Prices were moving around quickly and spreads were wide as the market sorted out the real story. After some work, I was able to exit at a minor loss. Considering the crazy circumstances, I consider that to be a good outcome.
NVDA is in a strong bull uptrend. Combined with a mid level of IV this creates a good situation for placing a Bull Put Spread. I am using a longer-term expiration for this trade so we can get some space between the current price of NVDA and our short Put strike.
WYNN is trading roughly sideways and at a very low IV relative to its own range. We are combining this with an increasing IV effect caused by the upcoming rate increase to create a very short term dual calendar trade.
MGM is on a steady path up. It also has a mid-level of IV that gives us a nice edge for placing a Bull put Spread. The main goal is to use the rise in MGM to give us an opportunity to exit the trade early or worst case, let it expire for a full profit on Dec 30t