09/23 Daily Update

Both positions got a good break Today as the markets sold off in the final hour of trading. I was about to make up-side adjustments, but noticed the sentiment was changing.


I got a few interesting ideas from the California 1 trading group meeting Today, it seems a few of the folks are trading the weekly contracts on OEX and someone also thought about buying a calendar end of day Friday to sell it on Monday for profit to bank on Market Maker's habit of pushing vols lower on Friday and pumping it back up on Monday. I'll do some experimenting with them in the next few weeks.


Position's Details:
09/23 RUT Iron Butterfly
09/23 MNX Iron Butterfly

09/23 RUT Iron Butterfly

The position got a break and is finally in the black after Today's price action, my hope is that we go into some sort of consolidation on this price zone, maybe a bit further down.

09/23 MNX Iron Butterfly

The position got a break Today as the market sold off in the final hour of trading. I'm looking for a consolidation from here, will be specially good if we spend a few days a bit further down. Contingent orders in place, waitting on Tomorrow.

Sometimes, luck helps you out too. MNX got within .10 points from hitting my up-side adjustment and backed off, if we had hit that adjustment, I would have given up 1/2 of the profits the position made when it reverted direction to the down-side.