07/08 Daily Summary

I was planning to sell the long PUT Today, but as I waited for end of day the market traded back up. I’m scaling out of the position if not entirely, almost so. At this point it doesn’t seem to be worth holding it through expiration, the market is still bouncing around quite a lot..

07/07 Daily Summary

I’m working my way out of this paper trade, rolled the last 2x 1725 puts to 1700 and Tomorrow I plan on closing out the long AUG 1675 Put as well as closing a few remaining spreads. Bottom line I was able to recover some profits from the max loss level but since I started playing defensive I did not recover my P/L the way I would like it to be. As I look at the daily summary chart I want to point out the fact the number of days over 1 st. deviation for the last 30 days has increased from 30 to 40% in the past 7 days.

07/06 Daily Summary

This morning I rolled one of the short puts further out, I have a feeling it wasn’t enough as we didn’t hold higher values Today. I plan on continuing to manage the down-side risk and likely to shut down the trade in the next few days.

07/02 Daily Summary

No major change Today except for the fact the vols dropped a lot in anticipation for the long weekend. I would not want to be selling any position at this point given we don’t really know what Tuesday will bring, but usually it is a larger than usual day... I am glad I’ve cut my vega exposure Yesterday this way I didn’t get too bad.. Ideal scenario would have gone all the way to negative vega, but I didn’t want to add capital to the position provided I was already at max loss and around the 2nd cut and roll level.

07/01 Daily Summary

Early this morning I went ahead and cut out some of my short put spreads and balanced the delta by selling one of the 2 long AUG puts I had. I felt this would relief some of the over-exposure I had to positive vega and as it turns out it was a good move, without making these tweaks I’d be down over 15%, while I’m now down 12% on the position. Going into Tomorrow I’m little inclined to touch the trade and will probably leave it alone to ride over the long weekend.

06/30 Daily Summary

Around 7:20 AM I’ve decided to roll the short put spreads down, locking some of the overnight profits and allowing me to sell one of my AUG puts, this brought some theta back into the trade and reduced my down-side risk at the same time. This was actually a good move as it saved a few bucks once the market continued going down. Right now, the position is at the max loss level and my game plan is to go into risk management, meaning I’ll start peeling off spreads to minimize my exposure and shut down the trade at a lower loss. We have moved almost 200 points in about 8 days, I’ve adjusted the trade 6 times and every time we kept pushing lower without a break to recover the P/L, once again I’m glad this is a paper position and that my money for this month is safe and sound at the bank..

06/29 Daily Summary

Sure am glad the position is a paper trade. I’m getting a taste of managing some action! Today I did the cut and roll by end of day, while this seems to be ok for now, I wonder if it would be better if I did it Tomorrow in the morning. If it wasn’t for the contingent orders the trade would have hit the skids by now.. My plan is to hang in there and see what happens Tomorrow with the trade, if we make a new low I have orders to hedge and if we sky rocket back up I have orders to drop the long AUG put I’ve bought on the way down. I have a feeling Today’s drop was over-done, we’ll see..