Wednesday, November 24, 2010

11/24 Daily Summary

Today I happened to be watching in the AM when the market was trading at my adjustment level. Instead of hedging with contingent order, I did a butterfly roll and moved 2 of my short calls to the up-side. The short deltas on the 2125 calls is at .65 and it is time to get rolling. I did not roll all contracts just yet as we have been in a wild zig-zag mode so I want to get reassured of the direction we're moving before rolling all contracts.

Note: This was not deviating from my plan, because my goal with the long call is simply to hedge because they're easier to fill by contingent orders, I then roll the short calls when I can (usually next morning), since I was watching I went straight to the rolling instead of hedging first.

Happy Thanksgiving everyone!!