Trade Update: Close XOP; Adjust GLD

We are able to close out of our XOP trade for profits.

Ticker: XOP

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

Contracts: 1
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. 

Ticker: GLD

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

Contracts: 1

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.