09/28 Daily Summary

I must add the following check-list to use for end-of-day adjustment AND contingent order placement:
a) Check for long PUT or CALL that can be sold to cut deltas
b) Check for any delta hogs that need to be rolled to cut deltas
c) Add long PUT or CALL to cut delta

Last week, when I created my contingent orders, I didn't add an order to sell the long Nov PUT for the RUT position, this was a mistake on my part that I only caught up with Today while documenting the position. Add that to the MNX oversigh, thats two strikes on the same topic. Hence the need for the checklist.

Position's Details:
09/28 RUT Iron Butterfly
09/28 MNX Iron Butterfly

09/28 RUT Iron Butterfly

Today's price action was strong to the up-side, the position maintained its current P&L. I didn't realize this last Friday, but on my inventory I had a long Nov PUT that I needed to get rid of if we moved higher, we did Today and instead of dumping that PUT I ended up buying calls, the effects on the delta is the same, however, by selling the PUT I'd be getting some extra theta and also keeping some of the PUT's value in the trade.

By looking at the volatility chart, one can realize the market is starting to get "agitated" with bigger days showing up.

09/28 MNX Iron Butterfly

With Today's strong up-side swing I was glad my order to sell the Nov 185 Call was based on price trading bellow 169, as the market moved higher the contingent orders triggered and kept the position under control.

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