Closed the IBM Calendar for a -6.6% loss, the position kept losing $ as IBM moved higher, I got out of it. I'm also closing the RUT Iron Butterfly, between spreads and execution there is little money left. The last remaining for the month is the MNX Iron Butterfly I managed to keep profits on this one, I started peeling a few MNX spreads off the table.
The culprit on my RUT trade was the "delta hogs". I now know exactly why Dan Harvey avoids them like crazy! The short 580 Calls I had just rolled over my trade's profits and there was no OCT long that could keep them there..
I'm exiting SEP and plan on continuing exiting if the market keeps higher Tomorrow. I also started 1/2 of my OCT Iron Butterflies on both the RUT and MNX. Profiles are posted here.
MNX Iron Butterfly SEP/09
RUT Iron Butterfly SEP/09
MNX Iron Butterfly OCT/09 (1st half)
RUT Iron Butterfly OCT/09 (1st. half)
