01/29 Daily Summary

Ok, now the Iron Butterflies are about to give up. The market simply moved way too much for them to handle. I am expecting a pull back on Monday so that some of the volatility increase eases off. Of course, the down-side must be hedged really quickly if that doesn't happen.

01/29 MNX Iron Butterfly

Early in the morning I added another iron butterfly on the position; It would have been my adjustment Yesterday if I had a chance to watch the market at closing. Turns out it was a bad idea as the market kept rolling down and volatility increased. Similarly to the NDX, the trade is at a stopping point, will pull the plug if we don't recover some of this volatility next week.

01/29 NDX Iron Butterfly

I've done whatever I could to contain price action. Even though my delta was hedged, the vega increase jacked up the short spread prices, and I'm in a deep hole right now. I've hedged the position the best I can, added theta and now it will either take a break next week or I'll pull the plug.

01/29 OEX Weekly Iron Condor

Great trade this week, despite the late week sell off, it managed to bring home 9%! Once again, that's 9% in one week of trading.. Really GOOD, no, it is AWESOME!!