Friday, August 7, 2009

08/07 Daily Summary

Not much to say, the markets rallied after better than expected unemployment numbers. I'm still on a couple of the AUG trades and not so sure how I'll approach the delta-neutral strategies from now on. I'm considering reducing the type of strategies I use and focusing on only a few strategies from now untill the end of the year.


MNX Iron Butterfly continued to improve Today, so did the IBM Calendar, I'm getting more optmistic about the future on these two positions. Let's see what is in store for us next week.


Position's details:
08/07 IBM Calendar
08/07 MNX Iron Butterfly

Cheers!
Enjoy!

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08/07 IBM Calendar

IBM moved higher Today, it moved over 1 standard deviation. The move wasn't too bad on the position, we had already added the 120 Calendar, and that gives up some coverage to the up-side. Now let's goo through the weekend and see what next week reserves for us.
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08/07 MNX Iron Butterfly

MNX moved higher once again Today, fortunatelly the Volatility came down this time, this gave the trade a nice break and the move up wasn't that damaging to the position. Granted, we're approaching the high-theta time-frame, so the longer we can stay in the game from now on, the more likely we'll end up profitable.

I did cut the deltas at the closing time. It was approaching -50, so I added another SEP long CALL contract to smooth things out a bit. Now it is only a matter of collecting the time decay over the weekend.


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