The past month has been the strongest rally we’ve seen since 2011.
Because of this and how iron condors work, the biggest risk is a rip higher like we’ve seen. That has left this trade in a nasty position with a ton of upside risk.
We’re going into salvage mode here– roll the trade out three weeks and go full size on the put side.
Here’s the trade:
Buy to Close Nov 1720/1710 Put Spread @0.10
Buy to Close Nov 2085/2095 Call Spread @4.70
Sell to Open FULL SIZE Dec1 1990/1980 Bull Put Spread @1.10
Sell to Open FULL SIZE Dec1 2140/2150 Bear Call Spread @1.20
