RUT made an ALL TIME high close on Wednesday, a higher close on Thursday and fresh new highs today. Wow, talk about a bullish market!
So how high is this thing going? I don’t know but RUT has been regularly making 40 -80 point moves and the current move is up about 45 points from the last pull back of 820 ish. so I’d expect RUT to turn sometime between where it is now and 880. Let’s call it 873 🙂
I made adjustments to both May trades today.
On the May 55, I did something I’ve been doing on the weekly trades that seems to work well close to expiration, I purchased 3 – 857/870 call verticals to roll the 850 short calls to 870. The position is currently down about $800 and should be able to withstand an up move to 880+ before max loss (assuming I do not do anything before then) and the downside still looks OK as long as the market remains reasonably stable so I’m still very optimistic it will work out. The current position is below:
On the May m15, I rolled the 830 put butterfly to an 850 put butterfly. Currently the position is down about $450 and again, left untouched, the position can withstand a move to 880+ . Position is below:
The June position remains as is.
That’s it for now, if there is another adjustment, I’ll post it over the weekend.