#Earnings #IronButterfly In this bullish market, a gap down is the best for an IB when we have 3 days left to expiry. Yesterday sold the Jan 27th 113/115/117 iron butterfly for 1.35.

Just now, bought to close the 115 calls for .05. Now I have until Friday for JNJ to recover toward the 115 area, allowing me to close the puts for cheap. It may not happen, which means loss will be .70 on the trade.