Both positions got a good break Today as the markets sold off in the final hour of trading. I was about to make up-side adjustments, but noticed the sentiment was changing.
I got a few interesting ideas from the California 1 trading group meeting Today, it seems a few of the folks are trading the weekly contracts on OEX and someone also thought about buying a calendar end of day Friday to sell it on Monday for profit to bank on Market Maker's habit of pushing vols lower on Friday and pumping it back up on Monday. I'll do some experimenting with them in the next few weeks.
Position's Details:
09/23 RUT Iron Butterfly
09/23 MNX Iron Butterfly
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2 comments:
The same thing happened with my live Iron Bflys as the contingent orders on the upside did not trigger. It's a different story on my paper trades. They did trigger on the upmove so they are in the hole now. This month feels like deja vu all over again? An upmove and now a 2 day down move. Will it hold and go up again? Time will tell...
Yeah, the MNX position escaped an adjustment.. I was preemptive on the RUT so it is not up as much as the MNX as far as % p&L
Sure does feel like deja vu.. Now, the question is: will it bounce? I'm not so sure.. But then again, my job is not to guess direction, simply follow the market :)
Gustavo
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