Thursday, March 10, 2011

3/10 Daily Summary

My plan a couple days ago was to condorize the position this Thursday morning. Well, this was one day too late.. Unfortunately NDX did not agree with my plan and decided to roll down and gap down in the morning. The contingent orders did their job, now I have to wait for the dust to settle and condorize the position, or whatever is left of it.

On the bright side, I expect the spreads to be wider than normal so get a break if we are not moving too fast again Tomorrow.. When this happens I try to make adjustments that touch the trade as little as possible, because the more you trade on wide spreads, the worse off you are (you buy into the over priced contracts).. So, I'll have to wait and see where we are Tomorrow morning and make my exit move.. Will put the trade in a position that I can stand a large move on Monday.