04/12 Daily Summary

Once again, my early morning assessment was partially correct, we did trade sideways, and pulled back down by end of day, didn’t quite close as a down day as I expected. In any event, that’s the benefit of non-directional trading: don’t have to nail it 100% on the head, got to make my theta for the day, countdown to expiration.
http://gustavotrades.blogspot.com/2010/04/0412-morning-assessment-sideways-down.html

04/12 NDX Iron Butterfly

Here is what I have left on the trade:
1x APR 2025 call
1x APR 2000/2025 call credit spread
2x APR 1900/1825 put credit spread
I had contingent orders to close out the call spread if I was wrong on my morning assessment, turns out no action was required! Glad to capture the extra day of time-decay, will evaluate position again Tomorrow.

04/12 NDX Fast Iron Butterfly (from 03/15)

Here is the inventory of what I have left on this position:
-2 APR 1900/1800 put credit spread
-1 APR 2025/2050 Call credit spread
I had contingent orders to flatten the trade out if I was dead wrong on my morning assessment. Didn’t do anything on the trade, I don’t want to keep on holding this “hot potato” through expiration week, so will consider pulling the plug Tomorrow.

04/12 Morning Assessment: Sideways (Down)

Ok, I might be biased, so take this with a grain of salt as they say. Quite honestly, Today’s price action looks weak to me, it is around 7:20 AM, I’ll wait a few more minutes to see how it develops. But here is my reasoning (so far): We went as high as 2000 overnight, and completely faded that move, we then traded bellow an ascending trend line I have on my charts, tried to go higher but faded again. FinViz is dark, not a lot of green on it, and VerticalSolutions is not too bullish either.. What would prove me wrong? A break above the 1998 area on /NQ; What would confirm my assumptions? A break below 1987 (target 1980) on /NQ.