This week has seen more than its fair share of volatility. The up days of Monday and Tuesday were promptly undone by Wednesday and Thursday reversals. The RUT index (Russell 2000) round trip has landed itself positive by less than 1% so far for the week with just Friday to go.
Despite the wide moves, the trade has held up well. As of Thursday night, it sits about 5% away from the purple defensive line and 8% away from the 1430 short strike.
While any up day will be quite helpful, the most powerful advantage this trade has is that there are only 6 trading days left until expiration and 8% out of the money. Of course, the risk of a quick declining market can marginalize that benefit at any time.
More to come next week.