Tuesday, July 21, 2009

07/21 Daily Summary

Despite early selling, most indexes pushed higher at the end of the day Today. This may continue to move upwards, or it may start attracting sellers at the current levels. One way or another, my job here is not to guess and to manage the positions as they go along.

I'm near a second adjustment on the SPY Double Diagonal. Also close to adjusting the MNX Iron Butterfly. I entered the RUT 30 Day condor Today, but couldn't get filled on all the lots, am planning to add to the position Tomorrow. Other than that, continue to perform backtesting on the MNX Iron Butterflies.

SPY Double Diagonal Adjustment: As it turns out, the decision of looking at the best alternative on the longer term paid off. If you look at the decision making I did back on the 17th, if I didn't have rolled the call contracts, I'd be within 1 st. deviation from max loss. As for Tomorrow, my plan is to close the PUT diagonal and leave the call side on, if we keep moving higher, say 97.5, then I'll add something to help with theta, likely an Iron Butterfly.

Positions Details:
7/21 MNX Iron Butterfly
07/21 SPY Double Diagonal
7/21 RUT 30-Day Condor *New*
07/21 MNX Iron Butterfly Backtesting

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