07/29 Daily Summary

Today I am glad to report there are no major changes. I'd like to report P&L improvement on all positions, however, because volatility actually increased, only a few positions posted small gains, the others had the daily theta erased by the increase in volatility.

One way or another, just another day in paradise. :)

Position's details:
07/29 IBM Calendar
07/29 RUT 30-day Iron Condor
07/29 MNX Iron Butterfly
07/29 SPY Double Diagonal

07/29 IBM Calendar

Posted a little bit of profits Today, still keeping the contingent orders. Since I have time, a quick note about my contingent orders for calendars:

Because I like to add calendars as adjustments *only* if we are closing at the adjustment point, my contingent order only triggers at the last 30 minutes of trading. So I use the feature in TOS to only start the order in the last half hour of trading. If prices are beyond the adjustment point, then the order will add the second calendar, otherwise, it won't do anything. I only do this because Calendars tend to have a less aggressive risk profile, so they can wait for adjustment, as Dan Sheridan says, I don't have to "jump on the hand grenade" right away (its his bad analogy, not mine) :)

Position's History:
07/28 IBM Calendar
07/27 IBM Calendar *New*

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07/29 RUT 30-day Iron Condor

No major change from Yesterday. RUT pushed lower, but as all other indexes, it found buyers at the end of the day.

Position's History:
07/28 RUT 30-day Iron Condor
07/27 RUT 30-Day Iron Condor
07/23 RUT 30-Day Iron Condor
7/22 RUT 30-Day Iron Condor
7/21 RUT 30-Day Condor *New*

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07/29 MNX Iron Butterfly

No major change, P&L got a small decrease because the volatility increased Today. Nothing major to say, except that I have orders to cut delta if we move beyond the expiration B/E point to the up-side as noted in the TOS risk profile bellow:


Position's History
07/28 MNX Iron Butterfly
07/27 MNX Iron Butterfly
07/23 MNX Iron Butterfly
07/22 MNX Iron Butterfly
7/21 MNX Iron Butterfly
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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07/29 SPY Double Diagonal

No major change in the Position Today. Once again, buyers came in at the end of the day and pushed prices higher, SPY posted a small pull back, but the position needs a lot more in order to recover to a decent level. Still hanging in there.

Position's History:
07/28 SPY Double Diagonal
07/27 SPY Double Diagonal
7/23 SPY Double Diagonal
07/22 SPY Double Diagonal
07/21 SPY Double Diagonal
07/20 SPY Double Diagonal
07/17 SPY Double Diagonal
07/16 SPY Double Diagonal Decision Making
07/16 SPY Double Diagonal
07/15 SPY Double Diagonal
07/14 SPY Double Diagonal
07/13 SPY Double Diagonal *New*


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07/28 Daily Summary

The portfolio was looking a lot better mid-day Today, then stocks started to move back up and finished erasing the earlier pull back. Today, we challenged the 5 EMA on the daily chart for most of the Indexes/ETFs I'm trading, if we trade bellow Today's low, the odds are we'll be starting the pull back.

Most of the positions got a slight improvement in their P&L, theta is helping and the fact we're trading at the same price levels for a few days is another help for the positions. Should we see a pull back or continue to stay around the trades are going to continue to improve.

I added another contract to the IBM calendar, plan on adding more to it later on the week. I'm not sure if I'll open a double-calendar or if I'll build on the 115 and divide it up if we move beyond the "tent"., It will all depend upon where we are sometime around Thursday.

Positions' Details:
07/28 IBM Calendar
07/28 RUT 30-day Iron Condor
07/28 MNX Iron Butterfly
07/28 SPY Double Diagonal

07/28 IBM Calendar

IBM pulled back down Today, I added the second contract to the 115 PUT calendar. I do have a contingent order to add the 120 PUT Calendar if we close above 119.5.

Position's History:
07/27 IBM Calendar *New*


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