The good news is that, shortly after submitting the GOOG Iron Condor order, I got a fill of $1.40 instead of $1.30. It's always nice when that happens. I also have received five emails in the last few minutes from other CPTI students who also received $1.40 for the Iron Condor (when asking for only $1.30). Having a good broker really comes in handy.
Also, many thanks to CPTI student Susan R. who wrote and suggested I look at GOOG for a potential play. If the play works out, great! If not, I have someone else to share the blame! :-) I do appreciate everyone's emails, suggestions, and even well thought out criticisms.
If the GOOG plays works out, it will go a long way to wiping out the loss we took on the MID play. By the way, on the Monday bounce, we were able to close out the MID bull put spread for $3.00. Having taken in $1.10 of premium, our loss on the trade is $1.90 (x 12 contracts) or $2,280. Some CPTI students waited until later in the day and were able to close the 620/610 spread for $2.60 and $2.70. I know the market is up a bunch today, but I still feel good about closing out the MID position. There's a good chance that the market will retest the lows once or twice before you can say it has really put in a bottom -- if the recent lows were, indeed, the bottom. At least that's the way things have worked often in the past. Time will tell.
Make sure to read this Thursday's column. I may have some, what the media calls, "breaking news" about a policy of one of our favorite brokers. It's good news and could change the way we do things at the CPTI -- in a very positive way!
Also, I'll be sharing with you an email from . . . well, I'll let you be the judge. But you can bet I'll have some choice comments.
Take care and trade smart!