We are able to close out of our XOP trade for profits.
Trade Action: Close out of the existing iron condor for a debit of around 1.55 (try to lower).
BTC 20 OCT 160 call
STC 20 OCT 165 call
BTC 20 OCT 144 put
STC 20 OCT 139 put
Potential Profits: Entered with 2.05 debit, exited with 1.55 debit, leaving us with close to a 25% return.
GLD continues to head lower and while I think we may find support soon enough, we need to adjust our existing position.
Trade Action: Roll the call spread down to create an iron fly position for a credit of around 0.82.
BTC 20 OCT 181 call
STC 20 OCT 186 call
STO 20 OCT 175 call
BTO 20 OCT 180 call
Note: This brings our position delta of +33 down to +11. That means for every dollar GLD moves up, we can potentially make $11. If you have a stronger sense of GLD coming back up from here, you may not want to make this adjustment and leave your position delta higher.