Technical indicators are weak across the board, so we’re closing this last calendar position, as follows: Day limit order Buy to close 2 SPY Aug 116 calls Sell to close 2 SPY Sep 116 calls for a net credit of $3.08 or better. The 2 contracts specified above represent our entire position in the Aug/Sep 116 call calendar. We plan to let the short Aug 119/125 call vertical expire worthless.
Thursday, August 18, 2011
With the market in free-fall, we have no interest in risking the profit we have in hope of a rebound. We’re closing the remainder of our August positions, beginning with the 122 call calendar: Day limit order Buy to close 4 SPY Aug 122 calls Sell to close 4 SPY Sep 122 calls for a net credit of $1.13 or better. Note that 4 contracts represent our entire position in the Aug/Sep 122 call calendar.
Wednesday, August 17, 2011
Now for a delta adjustment… This “adjustment” is actually a partial closing order, but because we’re hanging on to the portion at the 116 strike, this position—i.e., the Aug/Sep 116 call calendar that remains—is officially still open. To the point, we’re placing the following order: Day limit order Buy to close 2 SPY Aug 124 calls Sell to close 2 SPY Sep 124 calls for a net credit of $1.40 or better. Note that 2 contracts represent…
Wednesday, August 17, 2011
At least one trade this afternoon is a no-brainer—we have to close the lower side of the adjusted BF#3 (105/111/119/125 call condor) to make sure we avoid assignment: Day limit order Buy to close 2 SPY Aug 111 calls Sell to close 2 SPY Aug 105 calls for a net credit of $5.96 or better. Note that 2 contracts represent our entire position in the long 105/111 call vertical. This leaves us short the 119/125 call vertical.
Monday, August 8, 2011
We’re continuing to pare back on risk, this time by selling the August 120/126/132 put butterfly, with the following order: Day limit order Sell to close 3 SPY Aug 132 puts Buy to close 6 SPY Aug 126 puts Sell to close 3 SPY Aug 120 puts for a net credit of $0.89 or better. Note that the 3/6/3 contracts specified above represent our entire position in BF#2. After this trade, we’ll no longer have any…
Friday, August 5, 2011
We’re closing the August 123/129/135 put butterfly, with the following order: Day limit order Sell to close 2 SPY Aug 135 puts Buy to close 4 SPY Aug 129 puts Sell to close 2 SPY Aug 123 puts for a net credit of $1.13 or better. The 2 contracts specified above represent our entire position in this trade.
Tuesday, August 2, 2011
As planned, we’re closing our “Debt-Ceiling-Crisis Strangle”, for a profit of about 60%, with the following order: Day limit order Sell to close 2 SPY Aug 140 calls Sell to close 2 SPY Aug 120 puts for a net credit of $0.85† or better. Note that the 2 contracts per leg specified above represent our entire stake in this position. Also note that the next trade we’re planning, bring overall risk back in line, includes a long position…
Friday, July 15, 2011
Now we’re closing out the remaining calendar spread: Day limit order Buy to close 4 SPY Jul 133 puts Sell to close 4 SPY Aug 133 puts for a net credit of $1.99 or better. Note, again, that 4 contracts represent our entire remaining stake in this position, and that this order will not be autotraded.
Friday, July 15, 2011
There’s virtually no premium left in our remaining (experimental) July positions, so we’re closing out as follows: Day limit order Buy to close 4 SPY Jul 131 puts Sell to close 4 SPY Aug 131 puts for a net credit of $2.36 or better. Note that 4 contracts represent our entire remaining stake in this position, and that this order will not be autotraded.
Thursday, July 14, 2011
Now we’re locking in our profit on CS#1 (133 put calendar), as follows: Day limit order Buy to close 4 SPY Jul 133 puts Sell to close 4 SPY Aug 133 puts for a net credit of $2.06 or better. Again, note that 4 contracts represent our entire stake in this position, and that members interested in our experimental hold-through-expiration strategy would keep some or all of this position open. The only trade remaining open (not counting…
Jared Woodard is a registered commodity trading advisor who specializes in trading volatility as an asset class. With over a decade of experience trading options, futures ... Read More
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Thursday, August 18, 2011
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