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• Q1 revenue $10.54B vs $10.51B expected
• Q1 EPS $6.61 vs $5.71 exp
• Reiterates revenue forecast of $43.5-$44.5B
• Sees Q2 EPS $7.03

Shares are trading at $981 compared to $975 at the close but it’s been choppy.

The call is at 4:45 pm ET.

This article was written by Adam Button at www.forexlive.com.

US stock markets looked good 90 minutes ago but it’s all fallen apart. The S&P 500 is poised to close flat and the Nasdaq is down around 0.3%. The DJIA is down 1.2% because of the 22% implosion of United Health following a cut in guidance.

It’s a long weekend so markets won’t reopen until Monday in the US.

Netflix reports after the bell. Analysts surveyed by LSEG expect earnings per share of $5.71 and revenue of $10.51 billion.

This article was written by Adam Button at www.forexlive.com.

The worst-case scenario for the US economy at the moment — and this is something Powell hinted at yesterday — is a covid-style halt in trade. We don’t have to look back to far to see how that might play out as it led to shortages and inflation. It also might have led to widespread economic problems if not for massive financial and monetary stimulus (that isn’t likely to come this time).

Here is Craig Fuller the founder of FreightWaves:

Trucking market conditions are soft, but with imports and exports collapsing, the industry is in for a very rough season in coming months.

The winds are picking up, but the hurricane is still offshore.

Here is Ryan Peterson Founder and CEO of Flexport:

Two of our American customers devastated by the tariffs gave up and sold themselves to their Chinese factories in the last week.

He has also warned that thousands, and then millions, of American small businesses, including many iconic brands, will go bankrupt this year if the tariff policies on China don’t change.

Earlier this week I highlighted the crash in forward freight bookings.

This article was written by Adam Button at www.forexlive.com.

Learn Advanced Option Spreads: Iron Condors, Butterflies & Multi-Leg Mastery

As your stock options education progresses, it’s time to explore advanced spread strategies—tools that allow you to express market-neutral or range-bound views with defined risk and enhanced premium collection. This guide focuses on iron condors and butterfly spreads, powerful setups for traders who have a grasp on verticals and are ready to add complexity for higher precision.

These strategies are ideal for traders who:

• Want to profit from sideways markets

• Prefer defined risk and reward

• Are learning options with a methodical, rules-based approach

Iron Condor: Range-Bound Profit Machine

An iron condor combines a bull put spread and a bear call spread, creating a neutral strategy that profits when the stock stays within a specific range.

Structure:

• Sell a put (strike A)

• Buy a lower put (strike B)

• Sell a call (strike C)

• Buy a higher call (strike D)

All options share the same expiration. The goal is for the stock to remain between strike A and strike C by expiration.

Example:
Stock XYZ is trading at $100.

• Sell $95 put for $1.00

• Buy $90 put for $0.50

• Sell $105 call for $1.00

• Buy $110 call for $0.50

• Net Credit = $1.00

Max Profit: $1.00 (if XYZ stays between $95 and $105)
Max Loss: $4.00 (spread width $5 – $1 credit)

Why It Works:

• Profits from time decay and range-bound price behavior

• Defined risk on both sides

• Can be adjusted (rolled) as market moves

Butterfly Spread: Low-Cost, High-Precision Strategy

The butterfly is a tightly focused range trade using three strikes, designed to profit when the stock lands near the middle strike at expiration.

There are two common types:

1. Call Butterfly (used in bullish or neutral markets)

2. Put Butterfly (used in bearish or neutral markets)

Structure (Call Butterfly):

• Buy one lower-strike call

• Sell two middle-strike calls

• Buy one higher-strike call

Example:
Stock ABC is trading at $50.

• Buy 1 $48 call for $2.00

• Sell 2 $50 calls for $1.20 each ($2.40 total)

• Buy 1 $52 call for $0.60

• Net Debit = $2.00 + $0.60 – $2.40 = $0.20

Max Profit: $1.80 (if ABC closes at $50)
Max Loss: $0.20 (initial cost)

Why It Works:

• Extremely low-cost strategy

• Defined risk/reward with a high payout potential

• Perfect for range-bound earnings plays or event-driven setups

Which Strategy to Choose?

Tips for Learning and Using Advanced Spreads

• Set Alerts Near Outer Strikes: Be proactive about adjustments

• Trade High-Volume Underlyings: Reduces slippage and improves fill rates

• Avoid Low IV Environments for Premium Selling

• Exit Early When Profits Reach 60-70% of Max Potential

Common Pitfalls for Beginners

• Forgetting Assignment Risk: Short options close to expiration may be exercised

• Misjudging Volatility: Iron condors struggle in breakout markets

• Ignoring Commissions: Multi-leg strategies can rack up fees on small accounts

Wrapping Up: Elevating Your Options Trading 101 Toolkit

Iron condors and butterfly spreads give options traders powerful range-bound income strategies with defined risk and measurable probability. Mastering these tools can significantly enhance your options trading playbook.

Once comfortable, you can experiment with broken-wing butterflies, double diagonals, and iron butterflies—further variations that offer nuanced control and payout flexibility.

Continue your stock options education with us at ForexLive.com (to evolve to investingLive.com later this year), where traders of all levels learn options with practical examples, clear strategy, and a commitment to real-world success.

This article was written by Itai Levitan at www.forexlive.com.