Thursday, November 11, 2010

11/11 Daily Summary

I'm very glad all my contingent orders are set to trigger 30 min. after the market opens, Today this paid off, as we were trading beyond my second down-side adjustment and traded back up. Only one of my adjustments was hit, and I rolled the put vertical down. I've set myself to use debit spreads to control my trade Tomorrow if we hit the next adjustment levels, my expectation is that we sit tight and trade in a narrow range so I can collect theta over the weekend. If we stay put I might further condorize the position by end of day, as next week is a theta-collection week and gamma explodes, so I can't leave my short contracts too close to the money. This trade has been quite a ride, that's for sure! Cheers!