Staring at an August mess

The thing about options is that one day you can be a big ZERO, the next you're a HERO! Fortunes change quickly... I mean, look at TWTR! My stuck-in-the-mud position is looking GREAT today!

But that's about the only bright spot I got working for me!

Right now people my option portfolio is sitting at ZERO status! I've got lots of ITM (in the money) positions staring me in the face that I'm going to have to deal with come August expiration. And when I say "deal with" I mean either adjust the position by rolling it out, OR cut it and take a loss. 

Alright, so lets get right into it....

KO August 42/41 put spread (10 contracts, $270 credit) - I set this one up right before earnings. Man, I couldn't have been more wrong. I'm pretty sure we won't see a 42 handle on this stock anytime soon. 

AFL August 62.50/60 put spread (10 contracts, $510 credit) - You know I one point I was up $200 in this play! Unfortunately that profit is HISTORY thanks to yesterday's earnings report.

HSY August 95/90 put spread (1 contract, $103 credit) - This is a small position, but nonetheless it's a BIG loser. I'm pretty sure this stock is headed BELOW $90!

QQQ August 95/96 call spread (10 contracts, $500 credit) - Thanks to today's GDP print AND TWTR, I'm about to go deeper in the red on this play!

I've also got a WFM August 36/35 put spread in play. And with earnings on tap after the bell, this position could easily get nasty if WFM disappoints yet again.