July 24, 2008

Market Review and Commentary for July 24, 2008

DISCLAIMER: This is a trade I am doing and may not be right for
you. Use your own Due Diligence when making financial decisions of
your own choosing. This is NOT a recommendation.
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Monthly Income Trade Update:

I placing a trade for my account today using the Monthly Income strategy:

Selling -3 SPY Aug 123 Puts
Buying +3 SPY Aug 115 Puts @ 1.04 CREDIT or better.
NOTE: This is the second half of the Iron Condor we started yesterday on the SPY. We now have a SPY Iron Condor position with a Max profit of $633 at August expiration.

That’s it for now. The market pulled back about 140Pts (at 11:42 AM) and this appears to be a good entry. We’ll see. If any adjustments are necessary I will update you in the Daily Reviews.

Trade With Confidence