Live: Tuesday, December 10, 2019

10:35 a.m. New York time

One of my short iron condor prospects, XLP, gained volatility, showing a 25.8% implied volatility rank in early trading. The best construction still showed a 5.8:1 risk/reward ratio, which is too rich for my blood. So I’m abandoning further attempts to add to my options holdings expiring January 17 and shall be content with the two positions entered yesterday: TLT and XLY.

An hour after the opening bell XLP’s IV rank had dropped to 14.9%, about the same as it did yesterday. So clearly a fickle IVR is a feature of XLP, not an anomaly.

My JAN17 series holdings will be managed on December 27, meaning the profitable positions will be exited, 21 days prior to expiration.

I exited four stock positions in my upgrades and revisions portfolio, AMED at $166.65, for a profit of 94 cents a share; DECK at $164.81, a $2 loss; IBP at $70.43, a $1.27 loss and SPAR at $17.71, a 30-cent loss.

Also, RH has been added back into my primary portfolio (revisions). It was removed but remained alive in my secondary portfolio (momentum). I entered the position on November 27 for a $204.53 per share debit


AMED produced a 0.6% return over five days, or a 41% annual rate.

DECK showed a 1.2% loss over 13 days for a -34% annual rate.

IBP stumbled into a -1.8% loss over four days, or a -162% annual rate.

SPAR tallied a -1.7% loss over one day for a -608% annual rate.

By Tim Bovee, Portland, Oregon, December 10, 2019


Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

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