Adjustments on IBM, RUT, SPY - SPX below 1260?

Written on September 4, 2008 by OptionsRopeaDope

First a note that nearly all of the tecnical analysis blogs I read (hat tip to Slope of Hope) say that when the SPX breaks/broke 1261, that puts are on the menu. Today it closed at 1236. Lots of pressure for further downward moves, which is fine by me right now.

A few adjustments the last few days -

I closed out IBM on Tuesday for a loss, probably around 20%. Fortunately, it was my smallest position.

Closed out my call wings on SPY (for a .03 credit) and RUT (.15) condors for a profit. Still have the put wings with low deltas.

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