Market Analysis and Straddle Adjustment Strategies (2024-09-04)

This is how the market looked yesterday (2024-09-03):

And this is how it looks today:

This is after a 2.12% drop.

This is how the straddles look before market open, so I think I need to adjust at least one which is expiring on the 6th.

XSP Sep 6th 562 Short Straddle

The price is almost touching the put strike. We have already done one adjustment here, so there are a couple of potential further adjustments:

Or we can close this trade for a loss of around 50% of initial credit - realized gain of selling previous call for a profit.

XSP Sep 9th 558 Short Straddle

This one looks fine for now, so I will keep an eye on it if the market keeps going down.

XSP Sep 10th 556 Short Straddle

This one is also looking fine for now.