As 8 AM, I noticed that we didn’t have a lot of volume and the market was more towards bearish than bullish, I moved my up-side adjustment to 1860 and let it ride. No matter how much you study before making a move, there is always a situation that will prove you wrong, so I decided to leave the trade alone, it turned out ok. Would I rather not have that long SEP call? Absolutely, but then again, if we had moved higher Today it would be a different story, right? Best thing I can is to follow my plan and keep working the trade as the market moves around. So far so good, it posted a decent recovery, looking for a few quiet days to post additional recovery.
3 comments:
http://optionsrocket.blogspot.com/2010/07/how-to-profit-from-credit-spreads.html
Hey Pauly here, quite a ride this week, wow. I have IBM, SPY, INTC, and a couple of directional plays up. Was trying to get more of my IBM flys up yesterday but the spreads were too wild, try again today. Check out the above link. Have been papertrading these. Jay Hansen from SOM community has a group for this on google groups. Apple took the cover off the ball. I was thinking of you on your NDX positions. Enjoy your work and your blog. Take care!
Hey Pauly, good to know you're trading this upside.. I'm dealing with it on my NDX butterfly, not that much fun when you're trying to be non-directional, isn't it? I do have a few cash-secured puts that are briging a bit of cash this month, but they belong to my long-term portion of the portfolio.
For now, I'm hedged and looking to cut and roll the short 1825 calls I have.. Want to stay in the game and sooner or later the elephant will get tired...
take care!
Gustavo
I am on Jay's group by the way, have not traded the weekly in a while, mainly because I don't have a lot of time available to monitor the trades and get-in get-out in a timely fashion..
I've been thinking hard about testing the Broken-Wing Condor Jay and Dan do, it is nice to have only the down-side to worry about.. Specially right now :)
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