Market Summary
August options expire tomorrow and we need to prepare to exit our SPY and DIA iron condor positions.

SPY Position Update
SPY closed $114.51 on Thursday - the August position is approx. $2,400 in the red

The July 5th Couch Potato published an August expiration month bear call spread
On August 1st the Couch Potato suggested closing out the short calls for an approx. $1,300 gain (see tables below)

The August 14th Couch Potato suggested an August expiration month bear call spread.
We plan on letting this spread expire as it is basically worthless and probably not worth the fees and commissions to do a closing trade. (see tables below)

The July 5th Couch Potato published an August expiration month bull put spread
On August 11th the Couch Potato suggested closing out the put spread for an approx. $6,000 loss (see tables below)

The August 11th Couch Potato suggested an August expiration month bull put spread
The 30 minute SPY chart above signals a possible price support after the market gapped down today. If this support level holds we will be able to exit the put spread as indicated (see tables below). However if stocks gap down again then we need to immediately get out of the trade if the SPY price approaches the short put strike price.

DIA Position Update ---------------------------------------------------------------
DIA closed at $110.07 on Thursday - the August position is approx. $2,400 in the red

The July 12th Couch Potato published an August expiration month DIA bear call spread
On August 2nd the Couch Potato suggested closing out the entire call spread for an approx. $1,700 gain (see tables below)

Similar to the SPY above, the August 14th Couch Potato suggested an August expiration month DIA bear call spread.
We plan on letting this spread expire as it is basically worthless and probably not worth the fees and commissions to do a closing trade. (see tables below)

The July 27th Couch Potato published an August expiration month DIA bull put spread
On August 11th the Couch Potato suggested closing out the put spread for an approx. $6,400 loss (see tables below)

The August 11th Couch Potato suggested an August expiration month DIA bull put spread.
Like the SPY above, the DIA chart also signals a possible price support after the market gapped down today. If this support level holds we will be able to exit the DIA put spread as indicated (see tables below). However if stocks gap down again then we need to immediately get out of the trade if the DIA price approaches the short put strike price.

Final Comment
Ideally, we would like to wait until approx. 45 minutes after the market opens to try to identify optimum intraday resistance and support levels to execute these trades – the objective is to get a good price. The other alternative we like is to take the best price you can get in the last hour of trading.

Gregory Clay

Couch Potato Trader Disclaimer
All results reported in this section are hypothetical. While the numbers represented here may have been achieved or beaten by our readers, we make no representation that any individual investor achieved these exact results. The tracking for the plays listed in this section uses closing prices for the day the newsletter is published and it is not meant to imply that any reader actually received those prices (though many often do) or participated in these recommendations (even though many do). The portfolio represented here is hypothetical and for investment education purposes only. It is only an illustration of what type of gains a knowledgeable trader might receive utilizing these strategies. If you don't get close to these results, guess what. It isn't the fault of the strategies.