01/20 Daily Summary

Another day of extreme ZIG ZAG action.. After a large up-day, here comes a larger down-day.. Deal with it! :)

Today was a busy morning as some contingent orders got filled when the market was at its low point. I violated one of my rules of not watching the market, and was observing price action on the NDX around 7AM, turns out it was to my benefit as my contingent order failed to get filled. I was too skimpy on the offer, was trying Mark + 0.05, I adjusted it to mark + 0.10 to ensure a faster fill.

Position's details and Price chart:
01/20 NDX Iron Butterfly
01/20 MNX Iron Butterfly
01/20 RUT Iron Condor
01/20 OEX Iron Condor
01/20 NDX Iron Butterfly - Game plan - Downside - Put together early in the morning

01/20 NDX Iron Butterfly

Similar to the MNX, was forced into buying the extra PUT Today as we were trading below 1860. The main difference is that this sharp movement happened the next morning after placing the position, so we're down a bit of money.

01/20 MNX Iron Butterfly

Today's market action forced me into buying a long PUT, the contingent order was triggered as we were trading at Today's low. The market came back after that, so now I have one extra put to manage.

01/20 RUT Iron Condor

Back to where we started, profits are starting to grow on the position despite the active market environment, we've bounced around the same price area.

01/20 OEX Iron Condor

Right in the middle and only a few days to go.

01/20 NDX Iron Butterfly - Game plan - Downside

It is day one on the trade and we hit the down-side goal post. I've given it some thoughts as to what will be the game plan should we continue to trade lower. Bellow is the idea: Cut and Roll the PUT spread, and open a small butterfly to bring in more theta and compensate for the cut and roll costs.

01/19 Daily Summary

I would define these past few days (even a couple of weeks maybe) as super-choppy channel trading.. Notice that the 5-day volatility spike chart is FLAT, however, the daily chart is full of large days to the up-side and down-side.. Seems that the market doesn't know where to go, simply knows that it wants to go in a hurry.. :)

I started a couple of positions Today, and shut down the NDX Directional Butterfly.

Position's details and price chart:
01/19 NDX Iron Butterfly *New*
01/19 OEX Weekly Iron Condor *New*
01/19 RUT Iron Condor
01/19 MNX Iron Butterfly
01/19 NDX Directional Butterfly *Stopped Out*