The markets are pretty much in an undecision pattern, Today's new high was quickly followed by a wave of selling that pushed prices lower by the end of the day.
I've decided to not touch any of my Iron Butterflies, I did take some of the contracts off the IBM Calendar.
Position's Details:
08/28 IBM Calendar
08/28 RUT Iron Butterfly
08/28 MNX Iron Butterfly
Friday, August 28, 2009
08/28 IBM Calendar
My gut feeling tells me IBM is heading lower. I took 2x 120 Calendars off the table for a slight profit and am getting myself ready to release them as 115 Calendars if needed. For now, that was all I needed to do to keep myself relaxed going through the weekend.
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08/28 RUT Iron Butterfly
RUT started to show profits! That's nice! I tought about rolling the 650 CALL up, but decided against it. I'm not convinced the bulls are in total control yet. If we push higher I may give up Today's profit, but then I'll know where we are going. So far, we have been dancing around the 480 level and Today seemed we found a lot of selling once we traded at higher prices.
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Previous Posting:08/28 MNX Iron Butterfly
Great P&L improvement Today, going through the weekend with a decent theta:delta ratio.
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