Title: 02/02 Daily Summary

Didn’t make many changes on the positions Today, it seems that we are taking a break from the down-side cycle, hopefully the market will consolidate for a few days and we can recover and exit out the Iron Butterflies.

Title: 02/02 MNX Iron Butterfly

I decided not to touch the trade, as I’m not sure this recovery is a reversal. I’ll start dropping PUTs if we keep moving up in the next day or so. Bottom line, I want to slowly and surely start scaling out of the positions.

02/02 NDX Iron Butterfly

Rolled one of my short 1825 call contracts up Today, that helped with the delta exposure and locked in some of the profits on that side of the position. My goal is to continue to monitor the trade and scale out of it, slowly but surely. I want to land this plane without major damage and if at all possible with profits.

Title: 02/02 OEX Weekly Iron Condor

Today we had a 1+ st. deviation move on OEX, by the end of the day the P/L jumped, I think it might be a function of closing time and re-pricing of options.

02/01 Daily Summary

Today I started taking my risk off the table on both the MNX and NDX iron butterflies, the positions are at the stop level and I do not want the market to keep yanking money out of them, so I've started to watch my greeks really carefully and to take spreads out of the position.

I also entered the OEX weekly this morning, I wanted to get a fill for the entire condor, so I gave up about .10c from the mid price and got a fast fill, this beats trying to work each spread one at a time and spending 1 to 2 hours just to get in.

02/01 MNX Iron Butterfly

Started to peel off spreads out of the trade. As it turns out it is at the stop loss point, but instead of simply ripping off the trade out of the market, I want to exit slowly and orderly. Let's see how it goes.

02/01 NDX Iron Butterfly

I've started an orderly retreat. The trade has hit its max loss and I was very glad to get Today's upside move, as it gave me a break and an opportunity to start getting out of the position in an orderly fashion. For the time being, I've reduced my exposure to an acceptable level and am working to carefully monitor the greeks.