Wednesday, February 23, 2011

2/23 Daily Summary

Continued down-side pressure hit my two adjustment levels at the down-side, the second put took a big hit as the market pulled back from there, I'm hesitant to cut and roll first thing in the morning as I would like to see this market settle down, for Tonight my plan is to leave the position untouched through the day Tomorrow and re-evaluate at end of day Tomorrow. I got too upset with the P/L hit and it might just be an over-pricing on my short calls due by the fast activity in the market, so I rather let it rest a day before taking actions in a hurry..

For now the position is relatively well hedged, need to see what Tomorrow looks like. The next step from here is to cut and roll the short put spreads and add a new iron butterfly to increase theta, selling back those puts to balance out the deltas. I may start cut and rolling Tomorrow AM, depends on what the market looks like

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