Thursday, August 6, 2009

08/06 Daily Summary

I really like having only a couple of positions to look after. I'm very likely to reduze the complexity of my option trading portfolio next month. Still something I'll reflect and decide over the weekend.

Today's retreat was once again welcome. Now we may be at a tipping point on the MNX, if we stay around these levels the position will be in great shape, otherwise I'll have to start managing the down-side. One way or another, the trade is still there, which is an attestment of its flexibility.

The IBM Calendar is working fine, it would be perfect if we hadn't triggered the 120 calendar, but it doesn't need to be perfect, as long as it makes some money, right?

Position's Details:
08/06 IBM Calendar
08/06 MNX Iron Butterfly

08/06 IBM Calendar

IBM is back to where it started. I now must manage the double calendar, if we stay around, the 120 calendar won't hurt as much, if we start going south towards the 115 area, then the 120 needs to come off.. So far I'm only using alerts. I'll be available Tomorrow to take any action if needed.

Position's History:
08/05 IBM Calendar
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

Return to home

08/06 MNX Iron Butterfly

We have retreated Today, now the question is: are we pulling back or crashing down?! Who knows.. I've set up a few contingent orders to protect on the down-side, in any event, I'm in a great point as far as theta is concerned, so if we oscilate around these levels the trade will be in a great shape!