Didn’t make many changes on the positions Today, it seems that we are taking a break from the down-side cycle, hopefully the market will consolidate for a few days and we can recover and exit out the Iron Butterflies.
Tuesday, February 2, 2010
Title: 02/02 MNX Iron Butterfly
I decided not to touch the trade, as I’m not sure this recovery is a reversal. I’ll start dropping PUTs if we keep moving up in the next day or so. Bottom line, I want to slowly and surely start scaling out of the positions.
02/02 NDX Iron Butterfly
Rolled one of my short 1825 call contracts up Today, that helped with the delta exposure and locked in some of the profits on that side of the position. My goal is to continue to monitor the trade and scale out of it, slowly but surely. I want to land this plane without major damage and if at all possible with profits.
Title: 02/02 OEX Weekly Iron Condor
Today we had a 1+ st. deviation move on OEX, by the end of the day the P/L jumped, I think it might be a function of closing time and re-pricing of options.
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