IWM Milking 31 July

Well, we were right yesterday in our belief that IWM would head lower. We dropped to 145.50 and believe we have support at 145. Because we guessed right in the direction of the move, we were able to bank a lot of lost premium. We have $2322 of profits for the day on 35 positions.

We are going to roll immediately (it's 10:45 am). We'l sell the July 31 straddle for an Aug 5 straddle centered on a 145 strike. This is cash flow positive, by $3.62 per share, boosting our positive cash flow by $11969.

size: 35 contracts
Long Term Hedge: $93,159 or $26.61 per share
Cash Flow to Date: $23,961 or $6.84 per share
P&L to date : $46,406 or $13.25 per share