Live: Wednesday, February 5, 2020

3:20 p.m. New York time

I’ve entered a short iron condor position on XLK. And that’s a wrap for the day. I still have some funds so I’ll poke around tomorrow and see what I can find.

3:05 p.m. New York time

I passed on XLP because I couldn’t construct a position that would give me enough return to be worthwhile. I analyzed XLE and placed a trade, but I haven’t gotten a fill and lowering the ask would reduce my profit more than I’m willing to do. So I shall let it sit and either be filled at my price or expire unfilled. It’s up to the market.

2:55 p.m. New York time

XLI short iron condor filled.

2:35 p.m. New York time

XBI short iron condor filled.

2:30 p.m. New York time

XLV short iron condor filled.

2:11 p.m. New York time

QQQ short iron condor filled and the analysis has been posted.

2:10 p.m. New York time

OK. I have orders in for short iron condors expiring March 20 on these symbols: XLE, XLB, XLV, XLP, XLI, XBI and QQQ. It’s the first time in a long time that I’ve seen the Qs with enough volatility to support one of my options plays.

No fills on any of them, so I shall spend the rest of the session seeing if I can rectify that.

12:30 p.m. New York time

Yesterday was entry day for my short iron condor options positions expiring March 20. However, I still have four live February 21 positions, so I had to wait a day for funds to clear into TastyWorks, the brokerage I mainly use for options trading. Low cost, great interface.

So I shall be jumping into the March positions today. Happily, compared to prior months, implied volatility is up, and I have a rich number of ETFs to choose from. Onward.

10:20 a.m. New York time

In my short iron condor options positions, EEM returned to profitability today. However, it’s still not a low enough debit to cover my costs, so I shall take no action today.

In stocks, I entered one new position in today’s focus portfolio, Growth, and moved one one position, from Robotics, to the Bench

Stock Trades

  • Growth Portfolio
    • Entry
      • SNX, for a $142.43 debit.
  • Robotics Portfolio
    • Benched
      • SNPS, which ceased to qualify for the portfolio because the Zacks rank dropped from 2 (buy) to 3 (hold). It qualifies for the Bench, however, because at least one of the strategy scores is A, B or C. In this case, the Momentum score is A. SNPS at entry was trading at $149.13/share and was benched with the price at $155.81. Under my rules, if the rank moves below 3 or all of the strategy scores are worse than C, the SNPS will lose its spot on the Bench and be sold.

By Tim Bovee, Portland, Oregon, February 5, 2020

Disclaimer

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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Based on a work at www.timbovee.com.