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Category: Dr. Duke's Blog
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Trading today was choppy with mixed results; there were some bright spots in tech stocks, but otherwise, it was sideways to downward for most stocks. Overall trading volume was low; maybe traders are waiting to see what the earnings announcements look like next week. RUT is holding at the support levels of mid-May, closing at $480.98. I am still waiting for a strong day in the market to re-establish the call spreads of my Aug iron condor. That position now consists of 20 contracts of the Aug 420/430 put spreads and 1 contract of the Sept 430 puts. The position delta stands at +$50 while theta = $26. This position now stands at a net profit of $345; my options analysis software predicts I could tolerate a move down to about $460 and hold the position loss under $1,000. So we continue to wait and see if the markets break support and drop toward the March lows or meander sideways from here (a rally doesn't seem probable).