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SPDR Select Sector Fund - FinancialSPDR Select Sector Fund - FinancialSPDR Select Sector Fund - Financial

SPDR Select Sector Fund - Financial

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XLF trade ideas

OPENING: XLF June/Sept 24/27/28/31 Double Net Credit Diagonal... for a .58/contract credit. Basically, this is a calendarized iron condor or iron fly, where you roll just the short strangle/short straddle body of the setup for cost basis reduction, while keeping the long strangle aspect in place for purposes of defining the risk ... . Take profit is somewhat subjective, but I start to look to bail on the trade at >20% of the width of the wings. With short straddle "bodies," I tend to roll when the short straddle body has reached 25% max; with short strangle bodies, 50%. This is a fairly tight short strangle, so will treat it as a short straddle for purposes of rolling.
AMEX:XLF
by NaughtyPines