09/25 Daily Update

I had an oversigh error on the MNX position, forgot to sell a Long NOV Call I have in the inventory, no big deal, can be taken care Monday. Other than that, I'm looking to sit back and relax over the weekend, the positions are in decent shape and contingent orders already in place for Monday!

Position's Details:
09/25 RUT Iron Butterfly
09/25 MNX Iron Butterfly

09/25 RUT Iron Butterfly

P&L on the trade is lagging behind if compared to MNX, if looking at the position by itself, it has been climbing up in a steady pace. We finished the day with a lot of theta so at this point all we need is a few days of market indecision.

09/25 MNX Iron Butterfly

Ooops, I didn't notice I had a long NOV Call and didn't dumpt it at the end of day Today.. I have a contingent order to sell it Monday Morning if we tick down to 169. Even with that mistake, the position is working its way up in the P&L ladder. Contingent orders in place and ready to roll on Monday.

By the end of day Today, I didn't want to buy long PUTs (granted, I didn't notice I had a NOV Call to sell), so my down-side adjustment comes in closer than 1 st. deviation. I didn't want to be preemptive.

09/24 Daily Update

Gotta love those contingent orders! In the old days I'd be following the market and thinking (over-thinking) about all possible scenarios.. Today all I had to do was: Nothing... The contingent orders where in place, I had confidence in their execution, I had prepared by studying the positions the night before, so the execution was taken care by TOS and their software.

Now, this is a follow the market approach. If we sit here for the next few days, great! Otherwise, we'll start making adjustments to the down-side or up-side. One way or the other, the approach is the same: I don't have to pick the direction, of course, if we move too much I lose, otherwise I win.

Position's details:
09/24 RUT Iron Butterfly
09/24 MNX Iron Butterfly

09/24 RUT Iron Butterfly

RUT rolled down Today and the position adjusted itself thanks to all the contingent orders I had in place. The P&L dropped by a few percentage points, but it is still above water. I may have been a bit preemptive rolling those 610 calls up, but then again, not sure the picture would be much different right now (I would have purchased a long NOV CALL instead).

Notice the price action and VIPES chart in the bottom of this posting. You'll see that RUT has been more aggressive on its moves in comparisson with MNX. Today's pull back was stronger on the RUT.

09/24 MNX Iron Butterfly

MNX pull back was not as strong as the RUT, only my first contingent order got triggered, the position adjusted itself and is now looking good! I really liked the fact it kept most of its money from Yesterday even though we pulled down 1 st. deviation.

09/23 Daily Update

Both positions got a good break Today as the markets sold off in the final hour of trading. I was about to make up-side adjustments, but noticed the sentiment was changing.


I got a few interesting ideas from the California 1 trading group meeting Today, it seems a few of the folks are trading the weekly contracts on OEX and someone also thought about buying a calendar end of day Friday to sell it on Monday for profit to bank on Market Maker's habit of pushing vols lower on Friday and pumping it back up on Monday. I'll do some experimenting with them in the next few weeks.


Position's Details:
09/23 RUT Iron Butterfly
09/23 MNX Iron Butterfly