Position Updates - EEM calendar, CAT calendar

Written on June 12, 2008 by OptionsRopeaDope

Plan to see the Incredible Hulk nest weekend? Ed Norton should be a great Bill Bixby… anyway if you do plan to see it, you should know that if you buy a $50 gift card at Kmart, you get 2 tickets to the Hulk for free. That’s about $20 of tickets, and sounds like a good deal to me.

A bit of prose this morning, as I’m out of most of my positions for June expiration, and have already opened a July condor on IWM.

For my June condors, I still have a out wing on SPX which stubbornly won’t narrow, with the short put at 1290 has an 11 delta. For the IWM conodr, I also have a put wing still open, half of which got filled for .02, but the rest not budging at this time, even though the short delta of the 69 put is at 2.

The last 5 trading sessions have slapped my calendars harshly, even though the rise today gave alot of life back to them. My CAT calendar, post-adjustment (double calendar at 80-85) is actually showing a profit again, and I’m up about 3-4%. For EEM, the cingle I had on forced an adjustment, so now I’m double heavy on 140-150. Again, today’s rise has helped, but I am still down around 10% overall on these.  Pulling a newbie mistake during the adjustment (hitting the wrong strike and having to quickly unwind. Added to that total.

Overall though, it’s another successful month, even though it is ending later that I would normally choose. The closer it gets to expiration, the more Gamma builds up, and that makes me nervous. I also let two substantial profitable trades turn into current losers, and although I expect them to finish break even or better, that is something I don’t want to do again, ever.

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    • Category Posted in Real Trades, Iron Condors, IWM, EEM, CAT

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