3:20 p.m. New York time
Not that I’m superstitious, but Friday the 13th does seem like the perfect day to clean out losing trades, entered before the crash, that expire next week. So appropriate for a day dedicated to the revelries of vampires and werewolves and things that go bump in the night.
I exited five short iron condor positions expiring after the closing bell on March 20 — next Friday. They are XLB, XLE, XLI, XLP and XLV. I shall update with results — all losses — over the weekend.
Two positions, my short iron condors on SMH and XLK, had short in-the-money puts exercised, and I ended up with shares in my account, which I sold, doing partial exits on those two symbols. I’ll total up the damage after the positions expire entirely.
I also rid myself of put wing of my short iron condor position on QQQ, leaving a nearly valueless bear call spread. I’ll leave the results calculation on this as well until expiration.
By Tim Bovee, Portland, Oregon, March 13, 2020
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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