01/29 Daily Summary

Ok, now the Iron Butterflies are about to give up. The market simply moved way too much for them to handle. I am expecting a pull back on Monday so that some of the volatility increase eases off. Of course, the down-side must be hedged really quickly if that doesn't happen.

01/29 MNX Iron Butterfly

Early in the morning I added another iron butterfly on the position; It would have been my adjustment Yesterday if I had a chance to watch the market at closing. Turns out it was a bad idea as the market kept rolling down and volatility increased. Similarly to the NDX, the trade is at a stopping point, will pull the plug if we don't recover some of this volatility next week.

01/29 NDX Iron Butterfly

I've done whatever I could to contain price action. Even though my delta was hedged, the vega increase jacked up the short spread prices, and I'm in a deep hole right now. I've hedged the position the best I can, added theta and now it will either take a break next week or I'll pull the plug.

01/29 OEX Weekly Iron Condor

Great trade this week, despite the late week sell off, it managed to bring home 9%! Once again, that's 9% in one week of trading.. Really GOOD, no, it is AWESOME!!

01/28 Daily Summary

As far as I can tell, we have resumed the down-trend Today by breaking last Friday's low. My Iron Butterflies are hanging in there, they need another break, but so far so good, I plan on adjusting it further Tomorrow to increast my theta and keep rolling the tent down. The OEX position is about to bring home the cash!

01/28 MNX Iron Butterfly

Just like the NDX, this position held its deltas under control as the market took a deep dive beyond last Friday's lows.. now it is a matter of staying in the game and responding to the situation by adjusting and increasing theta once again.

01/28 NDX Iron Butterfly

Well, time to test this strategy under FIRE!! I had the contingent orders to keep deltas under control and they did their job. The MNX rolled down quite a bit and the position adjusted itself. Of course, P/L dropped, but it is still at a very decent level despite such a large beating this trade has taken.