12/24 Daily Summary

I did not trade on Friday, to be honest, I completely forgot it was a short day, well, not much changed on my positions, except that I'd like to have rolled a few more contracts on the MNX Iron Butterfly at the end of day, but nothing that can't be fixed on Monday.

The 5-day profile still shows upside pressure from quite a few days in a row now, and we're pushing to the extreme, so this might continue in the next days.

In the meantime, I'm working on a 2009 review, going over what worked, what didn't, and how to make improvements, this is a much needed exercise and is sheding some light in a lot of the strategies I've been using. Specially giving the fact I will be on a full time job in 2010, so I will have to be selective with what and how I trade.

Position's Summary and Price action:
12/24 MNX Iron Butterfly
12/24 RUT Iron Condor

12/24 MNX Iron Butterfly

12/24 RUT Iron Condor

12/24 Merry Christmas!

I decided to not trade this morning, will post details on my positions over the weekend, for now enjoy the Christmas Holiday!

Merry Christmas!

Gustavo

12/23 Daily Summary

Today's price action on RUT caught me off-guard, I was expecting volatility to drop, but it didn't, so I had to exit the position in the last hour. I tried filling the spread but could not get a fill, and therefore decided to hedge with a back-month long Call. As it turns out, in hindsight I would be much better off by hedging with a JAN contract, as it would leave me exposed to less Vega risk. See both profiles in the position's detail. My plan is to work my way out of the spread Tomorrow or Monday.

MNX also kept pushing higher, I now have an up-side alert on the 5-day Volatility chart, so I decided to start rolling a few of the 180 Calls, hedging against a continued move upward. I don't have contingent orders to the up-side for Tomorrow, if it moves higher I'll trade the long Calls for the vertical spreads to roll the delta hogs (180 Calls).

Positon's Details and Price action charts:
12/23 MNX Iron Butterfly
12/23 RUT Iron Condor

12/23 MNX Iron Butterfly

12/23 RUT Iron Condor