04/13 Daily Summary

I did not expect the market to push higher Today, based on what I was seeing early morning I decided I could let the positions go one more day. Not quite the best decision I’ve ever made, now will have to deal with the gap up at the opening that seems to be developing for Tomorrow.

http://gustavotrades.blogspot.com/2010/04/title-0413-morning-assessment-sideways.html

04/13 NDX Iron Butterfly

Here is what I have left on the trade:
1x APR 2025 call
1x APR 2000/2025 call credit spread
2x APR 1900/1825 put credit spread

We’re breaching the 2000 area, not much else left to do but to exit the position. Frustrating as it is, the fact of the matter is that this position had a very short time-frame in profits, the Thursday before the weekend was just about the last day to lock in profits, you snooze you loose seems to be the lesson learned here.

04/13 NDX Fast Iron Butterfly (from 03/15)

Here is the inventory of what I have left on this position:
-2 APR 1900/1800 put credit spread
-1 APR 2025/2050 Call credit spread

I am over-extending my stay on this trade. I honestly didn’t expect us to move higher this morning, was thinking about exiting it by end of day or early Tomorrow. Now will have to do it Tomorrow AM for sure, gave my best effort to buy some time.

Title: 04/13 Morning Assessment: Sideways (Down)

The only yellow flag against a down trending day Today is the 5 EMA on the daily chart, trading around 1985 on NDX, this can provide some support. As I write this, we broke through the overnight lows are trading around 1985. FinViz is not bright red, another indication of sideways, not to mention the recent “resilient” bulls that keep bidding any time we trade slightly lower.

04/12 Daily Summary

Once again, my early morning assessment was partially correct, we did trade sideways, and pulled back down by end of day, didn’t quite close as a down day as I expected. In any event, that’s the benefit of non-directional trading: don’t have to nail it 100% on the head, got to make my theta for the day, countdown to expiration.
http://gustavotrades.blogspot.com/2010/04/0412-morning-assessment-sideways-down.html

04/12 NDX Iron Butterfly

Here is what I have left on the trade:
1x APR 2025 call
1x APR 2000/2025 call credit spread
2x APR 1900/1825 put credit spread
I had contingent orders to close out the call spread if I was wrong on my morning assessment, turns out no action was required! Glad to capture the extra day of time-decay, will evaluate position again Tomorrow.

04/12 NDX Fast Iron Butterfly (from 03/15)

Here is the inventory of what I have left on this position:
-2 APR 1900/1800 put credit spread
-1 APR 2025/2050 Call credit spread
I had contingent orders to flatten the trade out if I was dead wrong on my morning assessment. Didn’t do anything on the trade, I don’t want to keep on holding this “hot potato” through expiration week, so will consider pulling the plug Tomorrow.