Updates on April trades - QQQQ, SPY

Written on April 8, 2008 by OptionsRopeaDope

Today I also closed the SPY call wing for .04 today. On that condor, I had a 9.5% gain for the APR expiration.

I had a nice run with the QQQQs - I was actually down to break even last week as it shot up to 46, and very, very briefly the delta of my 48 short option hit 20, but due to the unenthsiastic reaction of the options (I expected them to spike more) I held off, and within 10 minuted the deltas dropped again. At the same time, I closed the put side for .01, rolled it up for a .04 credit, and then closed that one for .01. Nice to step up and lock in a few more % on your trade. Today, I was able to close about 1/3 of the call side for a .04 debit, which gave me a 10% profit on those for APR expiration. Given that my short calls have a delta of only 7 right now, I may ride this one out for a few more points. So, a profitable month, which was salvaged with some adjustments. Very pleased. Update - closed the remainder of the QQQQs for a .02 debit, so waiting a day tacked on some more to this condor.

I also have an SPY double diag - it is up about 20%, and right in the middle of the range. I’ll update the blog tomorrow with the greeks on that one.

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    • Category Posted in Real Trades, Iron Condors, Double Diagonals, QQQQ, SPY

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