12/06 Daily Summary

I am very grateful the market stalled again all day Monday! Now looking for the best way to exit the position and bring it home! I will be watching price action at the close and before that prepare a possible exit strategy for me to execute.

12/04 Daily Summary

Things got back in shape during Friday's trading session. Volatility actually deflated even further and the position is showing great recovery, back at B/E level. Now Mr. NDX, you will work for me on Monday, here is what I want you to do: Open lower, around 2155, then trade back up to 2160 just to deflate the vols, stay there for most of the day and let market makers fill me on my exit. Thank you, see you then!

12/03 Daily Summary

I honestly think the P/L Today was distorted by a mis-print at closing time. I was somewhat observing the market action and P/L, and was quite surprised to see being down 12% by end of day. We didn't have this big of a move and, as far as I can tell, the volatility has dropped. In any event, I'm holding the same contingent orders and game plan from Yesterday if we keep going higher I'll hedge and see what else is left for me to do. Cheers! Gustavo

12/01 Daily Summary

Today I rolled the remaining 2125 calls and add an extra butterfly to the position. The 2125 call delta was around 65 and it is time I add theta to the position so it can recover. I was traveling to Europe overnight and had to make these adjustments prior to end of day, they would be cheapper if I was awake at the market closing time, but I couldn't do it. It would not have triggered otherwise, and this is the second time I by pass the contingent orders on my trade, I felt good about it when I did, as we were breaking out of the range on all other indexes, NDX traded down at the closing, but I still think the sentiment is more to the bullish side.

We have been bouncing hard in a range, let's see what Tomorrow brings, I'm doing my best to keep my adjustment points far away from the price to avoid this whipsaw and constant adjusting the position. I have a feeling we'll have a quiet day Tomorrow because we'll be waitting the NFP to come out on Friday. Let's see what happens.

11/30 Daily Summary

I'm on my way on a business trip once again, the position's P/L didn't change much from Yesterday, I will drop the long JAN call if we keep going lower, I need a day of quiet market movement so this trade can recover. We may find some support around these levels, perhaps bounce back up a bit from here, we'll see.

11/29 Daily Summary

Ok, we're definitely in a wild market. Today we traded about 2 standard deviations, triggered my long PUT order at 2120 and traded almost all the way back up. I'm glad my adjustment was not an order to drop the long Call, as it would have whipsawed me quite a bit. On the up-side, I'm still flying the trade and managing the wild movements, on the down-side, these adjustments are costing me profits. I need a few days of no activity to build up profits. So far the position looks ok, and I feel I'm doing my best to keep the adjustments away from 1 st. deviation zone, yet with these sort of swings the best bet is to go easy on adjusting so the whipsaws don't hurt as much.

11/28 Game Plan

Here is my game plan for Tomorrow. My goal is to cut and roll and add another butterfly if we trade higher, if we go down what I'll do is simply cut some of the delta risk and get rid of the long call if we keep going lower.

Note: One thing I noticed is that at the current level there is not a whole lot of theta. We're trading in a very narrow range, so I'll wait for the market to show its hand, break the range and then I'll do what I need to get things rolling faster again.