Hey everybody, welcome to this week's video update, today's Friday, June 2nd. Hope everybody had a great week of trading. Monday markets were closed for Memorial Day, so I hope you enjoyed your time off there. Let us jump into the trades that we made for the week. So first trade was an opening trade where we bought a calendar in TLT, IV percentile at the time was at about four. We used the front month, which only had 17 days to expiration, which is a little bit shorter than I typically like, but really trying to get on some positions, continue to get those occurrences on, and not a lot to choose from as far as premium selling goes, so we wanted to get on some calendars, and so the TLT still had a good risk reward, so it made sense to put that on. So let's take a look at TLT. So we actually now have a double calendar on, because the second calendar we put on today, which I will mention, let's click off the 126. So this was the original calendar we had on. Now it didn't move all the way to our break even, as you can see price is sitting right here, but I wanted to get another position on to give ourselves more profit opportunity, and now there's only 14 days to expiration on the front month, so I wanted to go ahead and get another one on. So put that on so we've got a much wider break even, more profit potential, so we will continue to monitor TLT. Next one was a closing trade in IWM, so we got that nice move in IWM, which allowed us to bank a little over 40% of max profit on that trade, so that was good. No trades that day. Next trade was a closing trade in Lulu, so they had, they moved their earnings announcement from what it typically is, so we never got a chance to get a lot of theta decay even though price was staying within our range, and that's why we try to avoid earnings in our monthly income strategies, because when it does have that upcoming earnings and if you're trading in that specific option cycle, those options are going to get priced up going into earnings, and you're not going to get that theta decay, you're not going to get that time decay that you typically would, so just took that one off the day before earnings got out, and actually if we take a look at Lulu, they, I'm not even sure what it did, but they beat pretty good, because it jumped up, it's up about 11% right now, it was up as much as 15% earlier, it's come back down, so probably would have blown through our upside, so good move to get out of Lulu. Next trade was in EWZ, so we bought our strangle back in there, we were in that strangle for about 12 days, made over 40% of max profit, remember on a strangle we're looking for about 50% of max profit, but if we get it that quick, if we get 40% in under 15 days, we're always going to take that off. IV percentile is still at 83%, still very high, still a lot of concern with the corruption that had gone on involving the president in Brazil, so we will look to put on another position potentially next week if we have a little bit more movement in price, because remember we still have this inverted 36-35 strangle on, we've got a nice little profit coming in there, we want some more decay to take place, this was the one we adjusted after that big move, so we're still looking for a little more profit to get us back to even on that one, but as I mentioned the one we just took off, banked another profit, so that's the game you play, you put on a position if it goes against you, you adjust, you continue to put on additional positions around it if implied volatility allows, and that's exactly what we're going to do, so far working well, and let's see what was the next trade we did, oh yeah SPY, so we had a calendar in SPY and we kind of was kind of similar to TLT, it was hanging out around our upside, not quite breaching our break even, but we wanted to get another one on with just 14 days left, so now we've got a double calendar on in SPY, gave us a little bit more room to the upside and of course looking for a little bit more of a downside move and some more theta to decay before we take that one off. Next trade, last trade was that additional calendar in TLT that I already went over, so those were the trades for the week, let's take a look at some of our other current positions, we've got a strangle on in oil, and as you can see we're in the profit, actually I was trying to get filled yesterday on this trade when price was up here, never got my order filled and then prices moved back down, so now we'll continue to wait, looking for a little bit more of an up move and some more decay in oil before we take that one off. In soybeans we've got two different positions on, so we've got this adjusted iron condor which is simply just the put side, looking for an up move to to get back some of that, some of the some of the loss in that one, and then simultaneously after we adjusted that we put on another iron condor and soybeans and it's still well within the range, so looking for a little bit of a move up and more theta to decay in soybeans. In wheat kind of a same situation, we've got the put side of wheat here, prices much more within our range, we could take this off and get around a break even on the entire iron condor, but I'm gonna go ahead and hold that and try to I want to try to get a winner out of this one as well as, excuse me, need to reset this so I can see my see my other position, so if we click off the put side of that one, we've got this other full iron condor which has a decent little profit, but looking for a little bit more before we take that off. DIA, we've got an iron condor, man this market's strong isn't it? I mean it just keeps pushing pushing pushing higher, so DIA is up kind of near its break even, nothing to do yet, if we take a look at the just the put side so if we click off our calls, you can still see we got a little bit of extrinsic value, we're at about a profit of 67 bucks with a total potential of 93 so we'll let that decay a little bit more before we would take off the take off the put side, so as for now we're just gonna leave the whole thing on and look for potential down move to help our position. EFA, we have this adjusted strangle on that we had rolled from June to July, EFA is pushed a little bit higher, so on this situation we're not gonna adjust right when it hits our break even really as I teach in the course, in the strangles course, you want to look at the extrinsic value of that of the untested side, so if we look at the put which is the untested side, again you know you still got a lot of juice left in those, a lot of premium left in those options, so max profit of 432, we're up at about up about 200 and some dollars on that side, so gonna let that continue to move higher if it does before we adjust and obviously if it moves down and we get more of that theta decay, we'll take that off for a nice profit. EWZ, I already mentioned that one, Microsoft, we've got a strangle in Microsoft, still within our range here looking for a little bit of a move down before we take that off. The cues, we've got this this call side, it was originally an iron condor, we adjusted and rolled the call side and now we're just holding that. Part of the reason that we're continuing to hold this too is we just wanted that extra short delta in our portfolio, I mean this market's not gonna continue to go up forever, I know it feels like it, but you know having that short delta on is imperative, so you don't want to get slapped if we have a huge down move in the market and that's how you protect yourself. Doesn't feel that good when the market's going up, but as you continue to sell premium and get that theta decay that helps make up for it on the upside, but we you've got to carry that short delta and so that's what we'll continue to do with that. Then SPY, I mentioned in TLT, so those are all the positions, those are all the trades, we will be back live for Navigation Trading live streaming from our Facebook and YouTube channel, we'll be doing that Monday morning at 8.25, so look forward to seeing you then, have a great weekend, talk to you soon.