It's been a busy morning. The market seems to have stabilized a bit, but let's be proactive and prepare ourselves for action -- just in case. If you are nervous, GO AHEAD!! This is an OFFICIAL suggested adjustment.
We're going to take the same approach with the MID as we did yesterday with the RUT.
1. We will unwind our current August 850/840 bull put spread for about $2.80.
2. Then, we will increase the number of contracts (to about 30) and sell a new lower bull put spread (about 820/810) - for about $1.20.
3. Then we will sell a bear call spread, with the same number of contracts (about 30) at about 920/930 - for about $.65.
When you get this, the numbers will probably be a little different. The market is moving fast -- down and up. Double check your symbols and strike prices and adjust your trade for your account size.
I'll send another email later with the exact financial breakdown.
Good luck, trade smart and don't panic.