June 18, 2015
1-855-RWT-0008
Prepared by the good people at Random Walk, LLC. (and Scott)
Great Morning!
Closing Prices From Yesterday
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Today’s Number(s)
Yesterday and Today
Yesterday
The Fed announced yesterday and Yellen spoke. Essentially Janet Yellen did not change rates and gave no indication when she would eventually raise rates. The one thing she did say that was a little discerning was a a vague statement warning of the reaction that could occur should Greece drop out of the EU.
The one shining star was Tesla which closed up 2.88% (7.29) at 260.41.
After the Fed announced the E-minis immediately fell about 11 points, and then quickly bounced back to unchanged. After that they ran up 9 points. Near the end of the day there were rumors that the President of Greece was going to meet with Putin on Friday.
TODAY
Tsarias meeting with Putin is genius on his part, and I did not see that coming. This is the one thing that could unsettle the markets. If Greece just broke off from Europe I really don’t think it would do too much to the markets as people are almost expecting it.
The fact that the markets have not moved off of 18,000 is probably because fear of Greece is keeping a lid on things. Once something negative happens it will perhaps be a one day negative market. If a surprise compromise happens then the markets will scream to the upside. But Greece cutting a deal with Russia would be considerably worse for the region and the markets.
Concerns that the next countries like Italy, Spain and Ireland would seek help from Putin would immediately surface, regardless of how unlikely that would be. That could rock the markets. That is my concern even though I would guess it is only a 10% chance.
A great class last night. We discussed several important topics.
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Unbalanced condor –
We discussed why I elected to take a long call spread and convert it into an unbalanced condor instead of a condor, butterfly, etc.
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GUTS
We executed a portion of the AMD guts. This is buying an ITM call and an ITM put to create something that acts just like a strangle. This one was a $0.50 wide GUTS we were trying to buy for $0.50, meaning we could not lose money.
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E-mini
We also went off topic and compared the Billy Baroo we were looking to do at the end of the day to the equivalent Billy Baroo in the E-minis
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Short Iron Condors
Last week we sold an Iron Condor to generate income. That was the first part. Tomorrow we will not be closing it, instead we will hedge it and sell another one. We will keep rolling this around attempting to generate $1 every week.
Contract the office at 1- 855 ā RWT ā 0008 for more details.
Too True To Be Funny
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Attorney Stuff
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