Trade Alert 9/21/2023

The markets have broken lower since the Fed meeting yesterday. There were some added risks in the meeting. The first and most obvious is price movement. But another risk would be a drop in volatility post event (vol crush). We would have been better served to hold onto a couple of the bearish trades we exited yesterday but we think it was the right call for the time. And importantly, there is plenty of time/opportunity for new ideas. We will make a few more adjustments today as follows: We rolled down and in on our BRK-B covered calls as follows: Buy to close: BRKB Nov 17th (monthly) 380.00 strike calls Sell to open: BRKB Oct 20th (monthly) 375.00 strike calls Debit:  1.31 – this order has filled We rolled in on our DIS short puts as follows: Buy to close: DIS Oct 20th (monthly) 85.00 strike put Sell to open: DIS Sep 29th (weekly) 85.00 strike put Debit:  0.80 – this order has filled Bought a put butterfly in SNOW as follows: Buy to open: SNOW Oct 20th (monthly) 145.00 strike put (ratio of 1) Sell to open: SNOW Oct 20th (monthly) 135.00 strike put (ratio of 2) Buy to open: SNOW Oct 20th (monthly) 125.00 strike put (ratio of 1) Debit:  1.36 – this order has filled Max risk = 1.36 or $136.00 per spread Max reward = 8.64 or $864.00 per spread