Six new positions opened today across SPX, AMZN, QCOM, and HOOD. Mix of defined-risk structures on the index and single-name diagonals plus a long-dated bullish play on HOOD.
SPX — Two Iron Condors
Opened two SPX iron condors in the morning session, each with slightly different expirations and wings.
Position 1 (10:11a, $42.00 db): Short the May 14 6950/7300 strangle, long the May 29 6950/7350 strangle. The long legs are in the back month — May 29 — making this a double calendar with an asymmetric call wing (7300 short vs. 7350 long). Debit of $42.00 for 15 days of front exposure with back-month protection.
Position 2 (10:35a, $43.30 db): Short the May 19 6950/7325 strangle, long the Jun 8 6900/7375 strangle. Similar structure, wider wings on both sides. The put long is 50 points lower (6900 vs. 6950) and the call long is 50 points higher (7375 vs. 7325), giving this one a wider net than Position 1. $43.30 debit for roughly 20 days of front exposure.
Both structures profit from time decay on the short legs with the back-month longs capping risk. Max profit if SPX pins near current levels into each respective front expiration.
QCOM — Call Diagonal (Earnings)
Position (2:13p, $4.63 db): Short the May 1 160 call, long the Jul 17 165 call. Entered ahead of QCOM’s fiscal Q2 2026 earnings report, which hit after the close today. Classic earnings diagonal — the short May 1 leg captures elevated pre-earnings IV and expires Thursday, so the vol crush from the event works in favor of the short. The long Jul 17 leg retains vega exposure further out. Slight bearish delta bias at entry given the 5-point strike differential. $4.63 debit for 79 days between legs.
AMZN — Two Call Diagonals (Earnings)
Both positions entered just before the close, ahead of AMZN’s Q1 2026 earnings call at 5:30p ET today. The short May 1 legs are sitting right in peak earnings IV — they expire Thursday, so the vol crush post-announcement hits them directly.
Position 1 (3:49p, $7.40 db): Short 1x May 1 280 call, long 1x May 8 262.5 call. The long is 17.5 points below the short, carrying significant intrinsic value. $7.40 debit.
Position 2 (3:51p, $5.78 db): Short 2x May 1 285 calls, long 1x May 15 265 call. A 2×1 ratio on the short side with the long 20 points below the shorts. $5.78 debit. The ratio adds risk if AMZN gaps hard through 285 on the earnings reaction — the single long only partially offsets the two shorts above that level.
Both short legs resolve Thursday, so the earnings move will define the outcome quickly.
HOOD — Ratio Risk Reversal with Long Call Spread (Jan 2027)
Position (1:21p, ~$3.81 cr): Short 2x Jan 15 50 puts, long 1x Jan 15 70 call, short 1x Jan 15 90 call. 261 days to expiration.
The two short 50 puts fund the long 70/90 call spread and generate a net credit. Unlike a jade lizard — which is short the call spread and aims to eliminate upside risk — this structure is long the call spread, meaning the position actively participates in a rally up to 90. Net long delta with max profit if HOOD is at or above 90 at January expiration. Downside risk kicks in below 50, amplified by the 2x put short. The ~$3.81 credit at entry provides a small buffer against that exposure.
High-conviction directional trade on HOOD with capped upside at 90 and meaningful downside risk below 50.
Summary
| Symbol | Structure | Expiries | Net |
|---|---|---|---|
| SPX | Double Calendar / IC | May 14 / May 29 | $42.00 db |
| SPX | Double Calendar / IC | May 19 / Jun 8 | $43.30 db |
| QCOM | Call Diagonal (Earnings) | May 1 / Jul 17 | $4.63 db |
| AMZN | Call Diagonal 1×1 (Earnings) | May 1 / May 8 | $7.40 db |
| AMZN | Call Diagonal 2×1 (Earnings) | May 1 / May 15 | $5.78 db |
| HOOD | Ratio Risk Reversal + Long Call Spread | Jan 2027 | ~$3.81 cr |