02/04 Daily Summary

Today was a major down-day in the markets, we broke the recent lows and this may indicate further selling in the horizon. My Iron Butterflies got the benefit of hedging and did not suffer a lot in terms of P/L, the OEX Iron Condor has the benefit of time working for it, it all depends on how active this Friday will be for the OEX position.

02/04 MNX Iron Butterfly

Similarly to the NDX, by keeping my long MAR Puts I was able to keep the trade pretty much under control despite our strong down-side movement. To be fair, I would much more prefer to have another quiet day, but the market does whatever it wants to do, and it seems like it is enjoying moving around. The position is under water and with limited time to recover, may have to call in the month on it.

02/04 NDX Iron Butterfly

Today’s wild down-side movement was not what I expected as a pull back, this shows the bears are still hungry and looking for food. I’m super glad I didn’t drop my long MAR PUTS, as they saved my trade from losing a lot of money Today. Bottom line, my strategy of keeping the Vega exposure under control paid off Today, as even though we moved down by a lot, the P/L on the trade did not suffer much.

02/04 OEX Weekly Iron Condor

Now the market moved against the PUT side of the trade, still far away, only be a problem if we move 1+ st. Deviation to the down-side again Tomorrow. As far as probabilities are concerned, the trade still has over 85% chances of making it.

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.