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November 15, 2012 Trade Update

November 16, 2012 by John Locke 2 Comments

Hi Everyone!

I apologize for the late postings, it has been a very busy week.

The Bearish Butterfly. On Wednesday, we exceeded the roll back point of 780 and rolled the position back to ATM or 780. The position is down about $1000 or 2%.

The M3 got a very gradual series of adjustments as the market was coming down. On Nov 12, I rolled 1 790 butterfly to 770.

On Nov 14th, I added 5 770 butterflies and sold 5 790 butterflies.

Today, Nov 15, I added 8 – 750 butterflies, sold the remaining 2 790 butterflies, sold 7 770 butterflies and bought 1 720/760 RUT call vertical which essentially sold the 760 call and rolled it back to 720 to help with up side Delta.

The position is currently up about $1400 and is comprised of 8 750 butterflies, 2 770 butterflies, 1 720 RUT call and 10 76 IWM calls.

I will show the positions and and changes tomorrow on the weekly update.

The weekly update may not be posted till Monday as I will be away late Sunday night.

That is all for now, have a great weekend!

John

 

 

 

 

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Filed Under: Options Trading for Income Weekly Update

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Comments

  1. Karl Pike says

    November 16, 2012 at 2:55 am

    Hi John,

    You kept saying Dec for the adjustments but it’s still Nov 🙂

    How much capital do you have allocated for the M3 trade for that $1400 profit?

    Karl
    Option Elements

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    • admin says

      November 16, 2012 at 4:43 pm

      That’s what happens when I do trade updates when I should be sleeping!

      I set aside $50,000 for the trade but have only $23035 invested.Position is up over $2500 today 🙂 I am 2/3 to target. Will be nice if the market settles next week so I can take it and move on!

      Thanks for letting me know Karl.

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