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.

02/01 OEX Weekly Iron Condor

Just filled the weekly OEX Iron Condor. I got a fill for the entire condor order by giving up about .10c from the mid price, still got .40c for the condor. Last week I spent about 2 hours getting in the trade and realized it wasn't worth the time, better to just give up a bit but get a fill, specially because my time is limited (aka. work).

01/29 Daily Summary

Ok, now the Iron Butterflies are about to give up. The market simply moved way too much for them to handle. I am expecting a pull back on Monday so that some of the volatility increase eases off. Of course, the down-side must be hedged really quickly if that doesn't happen.

01/29 MNX Iron Butterfly

Early in the morning I added another iron butterfly on the position; It would have been my adjustment Yesterday if I had a chance to watch the market at closing. Turns out it was a bad idea as the market kept rolling down and volatility increased. Similarly to the NDX, the trade is at a stopping point, will pull the plug if we don't recover some of this volatility next week.