NaughtyPines

OPENING: LULU DEC 16TH 49/52/64/67 IRON CONDOR

NASDAQ:LULU   LULULEMON ATHLETICA INC
... for a .92 credit. Truth be told, I chased a bit. It announces earnings tomorrow after market close, but just wanted to get into play, since there isn't much premium out there to be sold, and I won't have time to putz with it tomorrow.

Here are the mid price metrics:

Probability of Profit: 61%
Max Profit: $94
Max Loss/Buying Power Effect: $206
Break Evens: 51.06/64.94

I'll look to manage this at 50% max profit on the post-earnings volatility contraction.
评论: Ripped through the call side AH post-announcement (AH, up 14.07% to 68.26). I'll look to exit the short put side at or near worthless and then see what happens with the call side.
评论: Covering just the short put for a .02 debit (near worthless). Since the long option is "no bid," I'll let that just expire on its own. The short call side (broken), I immediately rolled out to the Jan 20th 70/77.5 for a .10 credit and sold the Jan 20th 62.5/70 short put vertical against for a 2.44 cr, creating a Jan 20th 62.5/70/70/77.5 iron fly. I wanted to do this before all the IV seeped out of the thing post-earnings ... . Will shoot to get out of the play for scratch ... .
评论: After looking on the setup on "something decent" besides a phone app, I decided I paid too much to the long options, so rolled out the long strangle portion of the setup from the 62.5/77.5 to the 60/80 for a .71 credit. This is what you get for trying to trade from a phone app ... .
评论: Rolling the 60 long put to the 57.5 on this down move for a .33 cr, so now it's a 57.5/70/70/80 iron fly. The roll down also improves the put side break even somewhat, although the primary reason I'm doing this is to just capture the credit before the long decays in value.
评论: Covering here for a 4.20 db, so I'm out for scratch. What was a loser turns into, well, a non-loser.
Great work hope it works out!
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