02/03 Daily Summary

Another day without touching the positions, this time we kept moving higher on the NDX/MNX, however, the other indexes are either consolidating or pulling back. I'm not sure we're back in bullish environment, so I'm delaying getting rid of those Puts on my Iron Butterflies (for better or worse). Sometimes you just have to make a decision and go with it, if the market proves me wrong, it won't be the first time :)

02/03 MNX Iron Butterfly

Similarly to the NDX, I didn't touch the trade, one because I didn't have time at end of day, two because I was not fully convinced on the up-side move. I have contingent orders in place to cut some of the Puts loose if need be.

02/03 NDX Iron Butterfly

A bit of an up-side push on the NDX Today, I was not able to change the trade by end of day as I was really busy, but then again, I was not fully convinced on this up-side move, specially because the other indexes are either pulling back or in an indecision pattern. Have contingent orders to smooth the up-side if we continue to move higher Tomorrow.

02/03 OEX Weekly Iron Condor

A small retreat on OEX made a big difference on the trade, it is looking better. Then again, this strategy is a set it and forget it, so we let it work itself out.

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.