Wednesday, November 3, 2010

11/03 Daily Summary

Today was wild action during the FMOC, I didn't watch it and sure am glad the position didn't go trough any contingent order. By end of the day, during my lunch hour I looked at it and decided to jump in and move my short calls up a level, the Deltas were approaching 65 which is my warning light for doing the jump. Because we don't have too many days left to go, I figured it is better to jump on the adjustments right away so I can still get the time decay. I also expect vols to drop now the announcement is over and therefore didn't want to stick around with positive vega exposure and little theta on the position.