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.

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.