Hello Investors,
We made a couple of changes to the portfolio today. One we removed our short-term May 15th put butterfly in SPY. The trade appears likely to go through a tug of war for a period of time.
Sold the SPY May 15th (monthly) 275/255/235 put butterfly
In addition, we adjusted our BAC covered call by turning it into a short straddle. This adds some risk to the stock moving lower. However, it gives us a wider zone to land in for profits overall. This type of adjustment is only ideal for those willing to buy more shares of the stock.
Sold (naked) the BAC May 15th – 24.00 strike puts (making a promise to buy 100 shares or $2,400 worth of stock).
Have a great week!