I’m back from my trip to Florida and will be updating regularly once again.
Since the last update on October 30, all trades have remained the same except for the November M3 trade which was adjusted on Friday. Open trades are shown below:
November M3 – On Friday, 11-4, I sold the 670 butterfly and the 670/680 call vertical to take off some up side risk and prepare to chase the price up or exit the position if needed. The position currently consists of 1 – 710 butterfly and 1 – 48 IWM call. The position shows that it is up $516. I am planning to exit the position if the profit is over $750 or RUT goes under 700. If the market continues to rise I intend on chasing it up and possibly expiring it. The position is shown below:
November bearish butterfly – There have been no changes to this position since the last update. The position is up about $300 and is shown below:
December M3 – Yep still trying to dump the extra butterfly I accidentally bought when the position was opened. The position would have been up money without the error but I did what I did and the position is down $130. I am considering increasing position size to 4 butterflies and 2 IWM when the Nov positions are closed but between all the market movement and the fact I am running with 4 positions open, this account does not have enough money to safely increase size until at least one of the Nov positions are closed. Position is shown below:
December bearish butterfly – This position is untouched since the last update. The position is currently down about $360 and the next adjustment is scheduled when RUT exceeds 770. Currently the position still looks pretty healthy despite the quick 70 point rise in RUT since we started the trade. The position is shown below:
Hopefully the RUT will drift back to the 710 area and hang out there for a while but the way things have been going, that is not likely as the 90 average daily range is about 20 points which is insanely high.
Well, that’s it for now. Happy Trading!