Hope everyone had a great Thanksgiving!
I had orders in on Friday to enter the Bearish Butterfly and the M3 trades for January but with the low volume, there were no deals to be had so I pushed off the entries till today. Unfortunately I did not get everything filled today but I did get started. I entered, or should I say half entered, the January M3 today. Bought 3 – 610/660/710 put butterflies but did not buy the call as of yet. I’ll enter it sometime tomorrow if market conditions cooperate. I did not enter the bearish butterfly trade but will be looking to do so again tomorrow. The half entered January m3 trade is shown below:
The only other open trade is the December M3 trade. I was planning to take this trade off today but the market gap was too strong for me to take it off at the desired profit.
Since I need to stay in this a little longer and my margin was artificially too high due to the mistake I made last week of buying a call butterfly and then buying a call vertical, I sold the 660/670 call vertical and switched it to a 660/670 put vertical which corrected the margin issue. While I was at it I sold a second 660/670 put vertical to help the Delta situation brought about be the nearly 5% move in the Russell today. The current position is up about $900 and is shown below:
OK, I’ll see if I can get the rest on the January positions going tomorrow, till then Make It An Awesome Evening!