Wednesday, June 30, 2010

06/30 Daily Summary

Around 7:20 AM I’ve decided to roll the short put spreads down, locking some of the overnight profits and allowing me to sell one of my AUG puts, this brought some theta back into the trade and reduced my down-side risk at the same time. This was actually a good move as it saved a few bucks once the market continued going down. Right now, the position is at the max loss level and my game plan is to go into risk management, meaning I’ll start peeling off spreads to minimize my exposure and shut down the trade at a lower loss. We have moved almost 200 points in about 8 days, I’ve adjusted the trade 6 times and every time we kept pushing lower without a break to recover the P/L, once again I’m glad this is a paper position and that my money for this month is safe and sound at the bank..

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