Monday, July 27, 2009

07/27 Daily Summary

Today most indexes were range-bound and consolidating at the top. Could this be signaling that the "elephant is getting tired"? I sure hope so. Ok, ok, "hopium" is not an indicator I follow, so I'm being optmistic and realistic at the same time: All my positions have their contingent orders and action plan to adjust if we keep moving up. The SPY double diagonal is the one hurt the most so far, so the next step if we keep going up is to shut it down.

MNX Iron Butterfly is holding on the best, the market gave it a workout, and P&L actually recovered a bit over the weekend. I intended to move at least one of the 150 Call spreads up on Friday, but because I wasn't able to trade I could only do it Today (missing the weekend of theta).

I also added the IBM Calendar Today, started with the 115 CALL and may add the 120 CALL Tomorrow, but wanted to give it one more day to see if we pull back.

Position's details:
07/27 IBM Calendar *New*
07/27 RUT 30-Day Iron Condor
07/27 MNX Iron Butterfly
07/27 SPY Double Diagonal

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