09/29 Daily Summary

Today's consolidation was a nice gift! I appreciate that! Looking forward to a few more days just like it.. I fixed Yesterday's mistake I had made on the RUT position and Today its P&L started opening up. Both trades are progressing along nicely.

Position's Details:
09/29 RUT Iron Butterfly
09/29 MNX Iron Butterfly

09/29 RUT Iron Butterfly

Yesterday I made a mistake, Today, rather than feeling sorry for myself, I went in there and fixed it! I sold both the extra NOV Put and Call I had in the portfolio, this provided me with the same delta exposure, but a lot more theta to work with. Because I did it early in the morning, I was able to capture most of that daily theta by end of Day. It also helped that the market didn't move much Today!

09/29 MNX Iron Butterfly

Position is progressing nicely! Notice the up-trend in the P&L chart, that is always nice to have! Theta is good, gamma and delta under control, looking forward to a few extra days of quiet market action.

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