Updates on July trades

Written on July 9, 2008 by OptionsRopeaDope

Obviously, I took a brief break from the blog Don’t expect to have to do that very often.

To my trades - this cycle has not been kind to my calendars, and I was definitely overexposed to them. My reasoning at the time was solid ( volatility had dropped) but a rapidly falling and trending market is not the environment that is ideal for icome trades, obviously. o make it worse, there IV did not jump at all, which normally happens on a drop, so the past couple of weeks have been statiscally what you could call “outliers.”

The major change in my current trades (which I will go over individually in a later post) is a roll down of the call wing on my IWM condor (to 71-73), and a ton of monkeying with EEM calendars, to center on the 130 strike. Also, I took alot of the IWM calendars off the table entirely, with a number of contracts still on the 68 strike, hopeing for a shot in the arm.

In general, my condors have still been kind, and I am showing a profit there, of betwen 5-10%, with the put wings still open. On my calendars, the losses have been higher, in the 15-20% range, and although that could turn around for the better this week, there’s no telling.

My capital as it stands is down 10% this term, which all things considered, does not bother me that much, as I know loses are a part of the game. Now it DID bother me last week quite a bit, but I think I’ve sorted out the mental impact and have a better perspective now. I did make a few errors (loading up on the calendars) but my account is very much intact to keep in the game, and with another week and a half left that just may put me i an even better position.

Still sucks though!

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