Today we got a strong move on EWZ of -3.18% at the time of the trade and -.64% on EEM . By trading one to the upside and the other to the downside I will look to reduce risk on this trade until time has passed enough to take my profits.
The trade is two Synthetic Covered Strangles
EEM 38.5/40.5 Calls for $1.92 credit
EWZ 38.5/35 Puts for $2.95 credit
In total we got $4.87 credit (1 to 1 ratio) and will look to close at $2.00.
I don't do a lot of these trades, but I find them very interesting so lets if in the next 30 days we can close for profits.