Amazon Trade

Amazon was hitting a Fibonacci support line, while the SPX was nearing highs. When it was near the Fib support line I sold -50 Vertical Puts. This put confidence in my analysis that this support would hold. Meanwhile as the market hit new highs it lost steam very quickly therefore, I sold -50 Vertical Calls eventually turning it into an Iron Condor. This trade had a 70% Probability of expiring out of the money. At one point it got up to 80% and I decided to let it expire.

Profit: $9,150

BP Effect (capital required): $25,000
Duration: 10 days

Go for rich,

Ronald