That was a nasty gap up as there was basically a reverse flash crash as those betting on higher rates finally capitulated.
As we’ve hit our first adjustment target, let’s add to the trade.
This is a cool way of adding — it’s another butterfly but basically what we are doing is turning the butterfly into a condor.
Buy to open TLT Dec 118/123/128 put butterfly for .90 or lower.
So you started with a Dec 113/118/123 butterfly and now you have a 113/118 123/128 condor.
A move back above today’s highs gets me to adjust again.