FDX rallied off its low and gave us a great spot to add a new Bear Call Spread to the position, once again rounding it off as an Iron Condor. This brings our total credit in the position up to $.90 and we only have 15 days to go.
FDX ran down with the market and is threatening the put strikes on this position. We will be watching to see if FDX breaks down any further, but this gives us the opportunity to take the calls off the trade at a solid profit.
FDX is in a solid sideways channel and has a reasonably high
FDX has been in a broad sideways channel since the beginning
FDX made a nice smooth climb right into our profit target. We made a 41% return in 7 days.
That was 5.9% per day!!! Let’s nail some more of these.
FDX continues to move up and the IV on the options after the earnings announcement still has room to go up.
We have a second chance at a Bull Call Calendar.