9 days to June Expiration

Written on June 6, 2007 by OptionsRopeaDope

I’m close to being fully invested now between Condors and Butterflies. Hoping for an easy next week and a half to wind everything up. Almost everything is profitable at the moment, but I’m learning that allowing butterflies to mature can be a slow and painful process.

I opened three Butterflies a few weeks ago:

 GOOG - 460-470-480 for a cost of 2.2. Better than 1/4 risk/reward ratio, but this position is a total loss as GOOG zoomed from around 460 to 515+.

QQQQ - 46-47-48 for cost of 2.6. Almost 1/4 risk/reward, and a decent chance of better than 100% profit in this environment. I’m am enjoying watching QQQQ get beat down to 47 right now.

VIX - 13-14-16 for cost of .05. That’s a 1/20 potential return, very nice. Currently the VIX is high at 14.7 or so, but I expect it to settle down.

Also have condors on QQQQ and RUT. Did an aggressive Credit on the QQQQ 45-46 puts, giving me some heartburn right now even though they get a little more profitable by the day.

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