01/07 Daily Summary

The market started trading down this morning, but found buyers and closed higher on most indexes. NDX did not follow it and failed to post a new high. As I still am in the MNX position, I proceeded to roll some of my calls to move them Out of the Money (aka condorizing). If I find a good way to do it, I might set something up where I can stay through the weekend.

Earlier in the morning I posted a possible condorizing sequence. Just an exercise worth doing when you get to this point of the game, I was able to execute the first 3 steps, 2 in the morning and the final step at the end of day. It was a good thing to have it mapped out, as I didn't have the full TOS application available and executed the last vertical spread (1x 185 to 190) via the web-based platform.

Position's Summary and Price Action:
01/07 MNX Iron Butterfly
01/07 MNX Iron Butterfly - Condorizing sequence