11/03 Daily Summary

It seems we're easing off from the down-side selling pressure, we had a couple of quiet days and a relief on the 5-Day volatility chart. This is a very welcome pause. I've read a nice posting on the Trading the Odds blog and as per Frank's study, the odds favor the up-side prior to FMOC meeting.

The key question to me is, would an up-side movement be followed by a lower volatility? Not sure this would be the case during the FMOC meeting, but then again, we'll know the answer shortly.

Position's Summary
11/03 MNX Iron Butterfly
11/03 NDX Iron Butterfly - Paper

Price Action & Charts

11/03 MNX Iron Butterfly

Trade is working its way for recovery. I've orders to ease off on the the negative deltas if we move to the up-side. Looking for volatility do continue to drop if that's the case.

11/03 NDX Iron Butterfly - Paper

Trading is going well, it would be much better off without any adjustments at all. I'm working on reducing my urge to touch up the positions.