The retrace I wanted
IGV is one of the open positions on the board in this call. The overdue move I was waiting for is retracing, and it sits at the 50 percent level now, with earlier retraces along the way. Textbook so far: the chart is doing what I wanted it to do for this iron condor.
Ready to exit early
My base case is that IGV probably turns back up from here. Software is a strong uptrend, and it includes names like Palantir that people like to buy back into. That is why I need to be ready to exit early if it turns fast.
Why the broker shows flat
On this day the chart did exactly what I wanted, yet the broker shows a flat daily P/L. The reason is implied volatility. IV on IGV is rising together with the market, and that rise hides the gain in the daily number.
Give it a few days
So the rule I apply here: focus on the chart. I give it a few days, and I think the numbers usually catch up with what the chart is doing. The P/L on the screen lags the move; the chart is what I trade.
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