Friday, August 7, 2009

08/07 Daily Summary

Not much to say, the markets rallied after better than expected unemployment numbers. I'm still on a couple of the AUG trades and not so sure how I'll approach the delta-neutral strategies from now on. I'm considering reducing the type of strategies I use and focusing on only a few strategies from now untill the end of the year.


MNX Iron Butterfly continued to improve Today, so did the IBM Calendar, I'm getting more optmistic about the future on these two positions. Let's see what is in store for us next week.


Position's details:
08/07 IBM Calendar
08/07 MNX Iron Butterfly

Cheers!
Enjoy!

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08/07 IBM Calendar

IBM moved higher Today, it moved over 1 standard deviation. The move wasn't too bad on the position, we had already added the 120 Calendar, and that gives up some coverage to the up-side. Now let's goo through the weekend and see what next week reserves for us.
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08/07 MNX Iron Butterfly

MNX moved higher once again Today, fortunatelly the Volatility came down this time, this gave the trade a nice break and the move up wasn't that damaging to the position. Granted, we're approaching the high-theta time-frame, so the longer we can stay in the game from now on, the more likely we'll end up profitable.

I did cut the deltas at the closing time. It was approaching -50, so I added another SEP long CALL contract to smooth things out a bit. Now it is only a matter of collecting the time decay over the weekend.


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Thursday, August 6, 2009

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
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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*

Return to home

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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!

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Wednesday, August 5, 2009

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
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