07/28 Daily Summary

The portfolio was looking a lot better mid-day Today, then stocks started to move back up and finished erasing the earlier pull back. Today, we challenged the 5 EMA on the daily chart for most of the Indexes/ETFs I'm trading, if we trade bellow Today's low, the odds are we'll be starting the pull back.

Most of the positions got a slight improvement in their P&L, theta is helping and the fact we're trading at the same price levels for a few days is another help for the positions. Should we see a pull back or continue to stay around the trades are going to continue to improve.

I added another contract to the IBM calendar, plan on adding more to it later on the week. I'm not sure if I'll open a double-calendar or if I'll build on the 115 and divide it up if we move beyond the "tent"., It will all depend upon where we are sometime around Thursday.

Positions' Details:
07/28 IBM Calendar
07/28 RUT 30-day Iron Condor
07/28 MNX Iron Butterfly
07/28 SPY Double Diagonal

07/28 IBM Calendar

IBM pulled back down Today, I added the second contract to the 115 PUT calendar. I do have a contingent order to add the 120 PUT Calendar if we close above 119.5.

Position's History:
07/27 IBM Calendar *New*


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07/28 RUT 30-day Iron Condor

The position got a bit of a P&L improvement Today, mostly due to an increase in Volatility. I have the contingent order to hedge the trade if we get above 560. I also have orders to close the PUT spread to lock in 80% of profits on the PUT side. If we move slightly up Tomorrow I'll be out of the PUT side.


Position's History:
07/27 RUT 30-Day Iron Condor
07/23 RUT 30-Day Iron Condor
7/22 RUT 30-Day Iron Condor
7/21 RUT 30-Day Condor *New*

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07/28 MNX Iron Butterfly

I rolled one more 150 CALL contract, used a debit spread to buy the 150 and sell the 160 call. I didn't want to flatten my deltas completely, so my options were either to close one of the Long SEP calls or to "bebtize" one of them by selling a further out of the money SEP Call. I chose the latter and sold the 1x SEP 170 call.

If we rally Tomorrow, I'll buy back the 17o call and flatten my deltas, if we go down the trade will benefit from it.



Position's History
07/27 MNX Iron Butterfly
07/23 MNX Iron Butterfly
07/22 MNX Iron Butterfly
7/21 MNX Iron Butterfly
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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07/28 SPY Double Diagonal

The position got a very small break Today, its P&L improved sligthly, SPY is still pretty much out of bounds. Should the expected pull back come in the next few days it will be ok, otherwise I'm ready to pull the plug if we fire up above 100.

I've looked into adding an Iron Butterfly or even a a calendar to help with theta. However, keeping the same Stop loss level makes adding to the trade a bad option. The reason is that we're too close to being stopped out, and adding to the trade puts the stop close on the down-side as well.

Position's History:
07/27 SPY Double Diagonal
7/23 SPY Double Diagonal
07/22 SPY Double Diagonal
07/21 SPY Double Diagonal
07/20 SPY Double Diagonal
07/17 SPY Double Diagonal
07/16 SPY Double Diagonal Decision Making
07/16 SPY Double Diagonal
07/15 SPY Double Diagonal
07/14 SPY Double Diagonal
07/13 SPY Double Diagonal *New*


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