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NEW YORK (Top Gun Options) -- Strategic Mindset: The Top Gun Options trading team remains market neutral with possibilities of surges in volatility.

Target: Cirrus Logic

(CRUS) - Get Cirrus Logic Inc. Report

trading @ $28.50

Commit Criteria:

This is a solid, high probability trade to add to our portfolio. One of the specific reasons I targeted CRUS was the fact that its price movement has not been correlated to the market. This will be an advantage if we have a broad market collapse. CRUS Implied Volatility is overpriced relative to its forecast volatility of 14.73% over the trade period. We are looking for possible price movement but for it to stay within its $23 to $36 price range until the exit of this trade.


Opening 20 CRUS July 2012 Iron Condors (strikes

20/23/36/39) for a 48 cents creditTactical Employment of Iron Condor:

Buying to Open 20 CRUS Jul 2012 $39.00 Calls

Selling to Open 20 CRUS Jul 2012 $36.00 Calls

Selling to Open 20 CRUS Jul 2012 $23.00 Puts

Buying to Open 20 CRUS Jul 2012 $20.00 Puts

Net Credit: $48.00 per Iron Condor for a total of $960.00

Max Gain: $960.00

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Max Risk: -$252.00 per Iron Condor for a total risk of -$5040.00

Mid-Course Guidance:

We will be watching for a price movement near the short strikes. As the short strikes are threatened we will adjust the Iron Condor as necessary.

We don't want trade expectancy dropping below 2%. Based on this we have two price targets at which we need to consider an adjustment. CRUS trading below $25.13 and above $31.66 are triggers for adjustment.

Profitability Target:

We will wait for this Iron Condor to expire worthless taking the $960 credit as profit in our

Advanced Model Portfolio.

Exit Tactic:

We will wait for this Iron Condor to expire worthless, adjusting as necessary.

Matthew "Whiz" Buckley is the founder and CEO of

Top Gun Options,

an exclusive provider of options training and practical trading applications for options traders of all skill levels. He is also the founder of Strike Fighter Financial LLC, a business-consulting firm specializing in leadership development, risk management and strategic planning for Fortune 500 companies and related organizations. He iis also a Managing Partner and Chief Financial Strategist at

Wealth Creation Investing.

Buckley flew the F/A-18 Hornet for the U.S. Navy. He's a graduate of TOPGUN, has close to 400 carrier landings and flew 44 combat sorties over southern Iraq. After leaving active duty, he served as a Managing Director at a Wall Street volatility arbitrage options firm and was a founder and the CEO of a financial media company. He is an

internationally recognized speaker

and combined his experiences in the military and corporate America in his first book "From Sea Level to C Level."