08/06 Daily Summary

I really like having only a couple of positions to look after. I'm very likely to reduze the complexity of my option trading portfolio next month. Still something I'll reflect and decide over the weekend.

Today's retreat was once again welcome. Now we may be at a tipping point on the MNX, if we stay around these levels the position will be in great shape, otherwise I'll have to start managing the down-side. One way or another, the trade is still there, which is an attestment of its flexibility.

The IBM Calendar is working fine, it would be perfect if we hadn't triggered the 120 calendar, but it doesn't need to be perfect, as long as it makes some money, right?

Position's Details:
08/06 IBM Calendar
08/06 MNX Iron Butterfly

08/06 IBM Calendar

IBM is back to where it started. I now must manage the double calendar, if we stay around, the 120 calendar won't hurt as much, if we start going south towards the 115 area, then the 120 needs to come off.. So far I'm only using alerts. I'll be available Tomorrow to take any action if needed.

Position's History:
08/05 IBM Calendar
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

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08/06 MNX Iron Butterfly

We have retreated Today, now the question is: are we pulling back or crashing down?! Who knows.. I've set up a few contingent orders to protect on the down-side, in any event, I'm in a great point as far as theta is concerned, so if we oscilate around these levels the trade will be in a great shape!

Position's History
08/05 MNX Iron Butterfly
08/04 MNX Iron Butterfly
08/03 MNX Iron Butterfly
07/31 MNX Iron Butterfly
07/30 MNX Iron Butterfly
07/29 MNX Iron Butterfly
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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08/05 Daily Summary

Today's pull back was very welcome in my portfolio. The MNX Iron Butterfly posted a decent recovery and the IBM Calendar is starting to show profits. All in all, a very good day on the portfolio.

Position's Details:
08/05 IBM Calendar
08/05 MNX Iron Butterfly

08/05 IBM Calendar

IBM is back in the center, now in the middle of my double calendar. I hope we stay around for a few more days and I can collect enough Theta to exit the position.

Position's History:
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

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08/05 MNX Iron Butterfly

This is the reason why I favor the Iron Butterflies: They recover fast! Nothing like a small pullback to see the profits recover by almost 50%. Now it is a matter of managing the position, as time goes by the theta will increase, and so will gamma, so if MNX stays range-bound for a few days we can bring this one home.

Position's History
08/04 MNX Iron Butterfly
08/03 MNX Iron Butterfly
07/31 MNX Iron Butterfly
07/30 MNX Iron Butterfly
07/29 MNX Iron Butterfly
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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08/04 Daily Summary

Today I exited the RUT Iron Condor, I'll review all my trading thus far and re-evaluate what I've been doing, what has been working and what has not been working to decide how I'm going to move forward. The current market condition is affecting these income strategies, so it doesn't make sense to keep beating my capital up trying to trade in unfavorable environment.

Position Details:
08/04 IBM Calendar
08/04 RUT 30-Day Iron Condor
08/04 MNX Iron Butterfly