Friday, August 7, 2009

08/07 MNX Iron Butterfly

MNX moved higher once again Today, fortunatelly the Volatility came down this time, this gave the trade a nice break and the move up wasn't that damaging to the position. Granted, we're approaching the high-theta time-frame, so the longer we can stay in the game from now on, the more likely we'll end up profitable.

I did cut the deltas at the closing time. It was approaching -50, so I added another SEP long CALL contract to smooth things out a bit. Now it is only a matter of collecting the time decay over the weekend.

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