Tuesday, January 26, 2010

01/26 Daily Summary

I want to thank my friend Gary for talking me into staying with the NDX position after we got some serious damage in the first few days of the trade. The position has recovered greatly after a couple days of market consolidation. I assume we're getting ready for the FED announcement Tomorrow, but I'm happy to see that I'm going in with a position in much better shape.

Today I did a cut and roll on my MNX put spreads, I realized that by keeping the trade hedged I let go of the opportunity to accumulate some profits as the NDX did. Live and learn, next time I plan on not leaving the position in a "waitting mode" for too long.

Position's details and price action chart
01/26 NDX Iron Butterfly
01/26 MNX Iron Butterfly
01/26 OEX Weekly Iron Condor

2 comments:

GaryL said...

I'm happy my friendly advice had a positive outcome for you. Your trade looks great I should just let you manage mine as well 8-)! Can you make a call and have King Bernanke reappointed so the markets can stabilize? lol

Gustavo's Trades said...

Thanks for the kind words Gary! Hey, don't short change yourself, I know your track record is awesome, so keep it up!

Do you really think Bernanke is the answer? Wasn't he part of the problem?? 8-) lol