Market Summary
The market gapped down at the open of trading and changed the risk profile of the September expiration DIA trades published in yesterday's Couch Potato. As mentioned yesterday, if prices gapped down the call spread as published would not be available. However to open a put spread that fit our risk tolerance, we needed to adjust the trade down to lower strike prices.

DIA Position Update ---------------------------------------------------------------
DIA closed at $110.07 on Thursday (30 days until September option expiration)

The August 17th (yesterday) Couch Potato published an September expiration month bull put spread. However, the market gapped down at the open and per previous trade strategy discussed in the past we delayed executing the trade until prices stabilized (see Final comment below) . The table below displays the trade that we actually executed.

Final Comment
The July 27th Final Comment section explained how we try to initiate published trades "...Ideally, we would like to wait until approx. 45 minutes after the market opens to try to identify an intraday support level to execute this..."The August 12th Final Comment section explained how to deal with entering trades during periods of higher volatility"...Implied Volatility has exploded during the stock price carnage of the past few weeks, especially this past week with daily triple digit moves..Ideally, we should be selling puts with published Delta's similar to what is in the tables above (with the same spread between the short and long strikes)..."