06/19 MNX Iron Butterfly

I look at the P&L on this position and keep wondering, is this right? 5% in just 3 days?!? I tell you what, if we keep up with this pace, I'll be out of the trade next week. Let's hope so.

As I had planned on my pre-opening plan, I did add the Long AUG Call to cut the deltas in 1/2 once they were around twice my theta. I'll drop this long call if we move back to the other side of the tent and my deltas start to become positive again. I like the fact this adjustment also cut my Gamma, and didn't hurt the theta by much.

06/19 RUT 30-Day Condor

The RUT 30-Day condor has reached the TTN level, the name of the game now is to keep those profits in my hand. I'll evaluate where we are on Monday, and place orders to hedge the position if we start to let the $ slip by.

06/19 SPY Double Diagonal

The trade is in great shape! It is working fine and I expect to reacht the TTN level on Monday. We're approaching the 3 week time limit on the trade, so I'll start my exit plan next week.

06/19 Pre-opening game plan

Nothing major Today, I expect Friday to be quiet. I'm planning to add an IBM Double/triple calendar following Himanshu guidelines, he has been trading these for over 4 years and is very satisfied with his results, so why not emulate?

SPY Double Diagonal and RUT 30-Day condor
No action required (as per trading guidelines), so all I have are alerts at the 1 st. deviation levels to check things again if we hit those levels. Nothing major and I am expecting Friday to be quiet.

MNX Iron Butterfly
I'm adding a long CALL on MNX to cut deltas in 1/2 if we get above 147.25, the guideline I discussed with Dan was keeping these deltas under control and bringing them back every time they get to be twice the theta. On the down-side, he suggested adding a calendar to help with Vega and cut deltas with a long put.

06/18 MNX Iron Butterfly

I was watching Dan's session Today, and asked about cutting deltas when they start to become twice as big as the theta, he indicated it to be a good idea. Dan's plan to avoid touching the position on its first week applies mostly to Indexes, this ETF trade has a high gamma, so I may need to act on it sooner if it moves.

I just love how quickly these trades build up profit. Look at it, almost as much as the SPY Double Diagonal, the DD has been there for almost 3 weeks, this thing has been here for 3 days!

06/18 RUT 30-Day Condor

Position in good shape, looking forward to riding through the weekend like that.

06/18 SPY Double Diagonal

I took the finger off the trigger on the trade Today. I was itching to exit this position. Given the weekend is just around the corner, and we find ourselves in the middle of the graph, I'll let it ride and look at it again Monday.

The only reason to exit Today would be axiety to lock in $, not a good reason just by itself.