In today's Flow Show, Steve Strazza and I discuss our growing frustrations with the current market environment. Seems neither our bullish bets nor our bearish bets are gaining any traction in this tape.

What can we do with this information?

Watch the show below to see how we arrived at the details for today's trade.

Here's the Play:

I like entering into a $FCX February 30/35/45/50 Iron Condor for an approximately 70-cent net credit. This means I'll be short equal amounts of the February 35 puts and 45 calls, and long the same amount of 30 puts and 50 calls to cap my maximum risk:

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Defensive adjustment to TLT position.
3. Exited XLI position.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

With $VIX currently sporting a 20-handle, it feels like a good time to add some delta-neutral exposure to the portfolio.

So I'm scanning the list of liquid sector ETFs to see which one's offer good premiums and potential range-bound trading action.

Here's what I found: