Wow, another 1+% move on the RUT on Friday! I was looking at the history of large bull runs and this one, with the exception of last year which will likely be exceeded this week, looks like the biggest point gain ever on RUT in a time period of less than 3 months. Where is RUT going? I don’t know but if you look at the 2 year chart, the next resistance point looks like around 765 so that’s what I’m thinking. Below is a rundown of the positions.
May 55 day position: Around 10:45 when it was clear our gap down had failed, I bought 2 720/750/780 butterflies. If the market continues up I’ll adjust AGAIN. Current position is below:
On the May method one I purchased a 780 May call to cut our Delta down a little and plan on holding this position until RUT exceeds 750:
On the May method 15, I rolled up the 700 butterfly up to 730 to tighten up the trade a little. Again, I plan to hold this position until RUT goes to 750 area:
Also, the June Method 55 was entered Friday, I bought a 680/720/760 put butterfly with no extra calls. I’ll likely hold off on the calls till 765 resistance is exceeded:
That’s it for now. Make it an awesome week!