04/08 Daily Summary

This morning I decided against touching any trade up, I saw the selling pressure was drying up, to be quite honest I didn’t expect it to go as high as it went, but I guess it has become more the norm than the exception. Here is what I saw earlier in the morning:
http://gustavotrades.blogspot.com/2010/04/0407-morning-assessment-down-pressure.html
I made a mistake on my iron butterfly, I had a simulated trade on the TOS analyzer but forgot to remove it, so when I looked at the position by closing time, I thought it looked good and didn’t need any touch up, turns out the touch up was advisable. I reduced my positions, but still have to close them down and have a focused view, as the afternoons are busy for me with all the work-related stuff and the lunch time activities/distractions.

04/08 NDX Iron Butterfly

I didn’t do anything to the position Today. Now that I look it over, I realized I had a simulated trade to do a butterfly roll to move 1 of my 2000 short calls to 2025/2050, then at the end of the day I didn’t notice this simulation in there, and thought the profile looked good, so didn’t touch the trade. That butterfly was a good idea, even better if I had actually executed it.. That is the kind of stuff that happens when you got too many trades on the table. Strike two for me on this trade... :-/

04/08 NDX Fast Iron Butterfly (from 03/22)

Here is the inventory of what I have left on this position:

-1 APR 2025/2075 Call credit spread
-1 APR 1900/1825 Put Credit spread

Didn’t have to do anything on the trade Today, plan to evaluate Tomorrow and depending on where we are either close it or stretch through Monday.

04/08 NDX Fast Iron Butterfly (from 03/15)

Here is the inventory of what I have left on this position:
-2 APR 1900/1800 put credit spread
+1 MAY 2050 call
-1 APR 1950/1850 Put credit spread
-1 APR 1950/2050 Call credit spread
I didn’t touch the trade Today, noticed the market was weak at first in the morning, but then it came back up. Plan on condorizing it by Tomorrow to go through the weekend.

04/07 Morning Assessment: Down pressure – Not too strong

It is hard to debate against sellers given the weak opening and follow through selling in the morning. As I write this, we pulled back from the lows (~1960) and seem to be closing the opening gap, or at least attempting to so. I detect more bearish tone on the FinViz map, not quite that bearish on Verticalsolutions current conditions profile, so this leads me to believe there is a mid-day pull back in works.
I think we might see NDX closing at or around 1960, just a gut feeling. It is the 12 EMA on the daily chart, so it provides a good level of support.