Tuesday, January 5, 2010

01/05 MNX Iron Butterfly

We're approaching closing time on the MNX Iron Butterfly, as it turns out, my bet on going for 15% didn't quite pay off. This made me review all my trades and adjust my goal for 10% on this strategy. Bottom line here is that I want to start rolling my short calls out of the money (aka condorizing). I have a "hairline trigger" order to roll the last short 180 call, and following that another to roll the 2 185 calls. I won't be able to watch the market Tomorrow, so will have to work with the contingent orders only.

My plan is to start peeling off the spreads and rolling some of the calls out of the money, as I find some time between now and Friday.

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