Sahil (Baby Shark) presented a slightly bearish strangle on Nike (NKE) with July 52.5/70 strikes at approximately 18 delta. The stock was up about $1 with earnings expected June 26. Tom adjusted the strikes to 55/70, showing a more bullish outlook.
Gad offered a short iron condor on First Solar (FSLR) with July 140/130/200/210 strikes. With the stock down $5, Tom adjusted to 135/125/195/205, noting the high IV rank of 61 but warning about potentially difficult fills.
Kai suggested a TLT strangle with July 78/89 strikes, planning to eventually convert to a short put. Tom adjusted to 80/89 strikes for a slightly more bullish position, though he criticized TLT as being "too cheap" on premium.
Dr. Data traded a short put in PEP. Dang is he awesome.
Julia had an idea in Apple (AAPL) with an iron condor with July 180/170/225/235 strikes, citing "trust issues" in the market. The defined-risk position offered $246 credit for $750 buying power. Tom modified to 175/165/225/235.