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December 14, 2012 Trade Update

December 14, 2012 by John Locke 2 Comments

Good Morning!

The RUT finally backed off a little. This put the Dec Bearish Butterfly at the peak of the T+0 line on my expiration graph and made an excellent time to exit. The position ended up being exited at a very small loss of -$855 after commissions or -1.2% on our $50,000 planned capital. Considering the double whipsaw and the extreme move up into expiration, I am very happy with the results. This rounds off another good year for the Bearish Butterfly and I am looking forward to 2013!

The December M3 is still open, I am looking for an opportunity to close this at a small profit. We shall see what happens today.

The Jan m3 and Bearish Butterflies are unchanged.

That is all for now, make it an awesome weekend!

John

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Filed Under: Options Trading for Income Weekly Update

Reader Interactions

Comments

  1. Al says

    December 15, 2012 at 1:48 am

    John

    What made you decide to exit the Jan bearish butterfly? Expiration is not until next week.

    Thanks

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    • admin says

      December 16, 2012 at 9:24 pm

      Hi Al,

      I did not exit the January position, I exited the December Bearish Butterfly position. It is not uncommon for me to exit a position at the peak of my T+0 line close to expiration if the market is not acting as I expected, especially with looming news that has a potential to create a substantial move. Basically, I currently feel that the risk is too high for the potential reward this close to expiration.

      John

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