After dropping for over a week, the SMH is trading in a range between 205 and 215. Our SMH 16 Sep laddered iron condor is in and out of the money. Let’s adjust it early by rolling down our upper calls for a credit and then we will manage it again next week depending on where it trades.
Vaneck Semiconductor ETF (SMH): 209.22
TRADE ACTION 1: CLOSE the SMH 16 Sep 260 / 265 call for a net debit of around 0.01 to 0.03
BTC the SMH 16 Sep 260 call
STC the SMH 16 Sep 265 call
TRADE ACTION 2: OPEN the SMH 16 Sep 210 / 215 call for a net credit of around 2.10 to 2.15
STO the SMH 16 Sep 210 call
BTO the SMH 16 Sep 215 call
We entered this trade with a $0.98 credit giving us roughly 3.05 to 3.13 of credit to manage again next week depending on your fill prices.
The 50K Portfolio is trading 3 contracts; the 10K Portfolio is trading 1 contract.