Howard and Tom walk through Howard's entire portfolio and adjust positions. This is done to reduce risk. Tom explains how to neutralize positions by rolling options up or down (closer to the stock price), how to determine what is "left to make" in a position and how to gauge when to cover (close) a position.
Howard notes that it was quite a bit of "housekeeping," but, as Tom says, that's what traders aim to do every day.
Next week, the duo hopes to add some new trades and focus on rolling trades into the next monthly expiration cycle.