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October 24, 2011 Trade Update

October 24, 2011 by John Locke Leave a Comment

Quite a run we’re having in the markets! If you read the post when I entered the November bearish butterfly, I mentioned that it was very bad timing to enter this trade as we were at a major support level and I was anticipating a move back up to resistance. Unfortunately, I was right, but that’s OK, the trade is still doing fine despite the very large up move.

Today I made the following moves:

November bearish butterfly – Rolled the 670 butterflies to 730.  Position is down $1166.  Max loss $3,000. Position is shown below:

Nov M3 – Rolled 640 butterflies to 670. Position is up $ 143.  Max loss $1000.  Position is below:

Dec bearish butterfly – Added 2 -700 butterflies. Position is down $215.  Max loss $3000.  Position is below:

Dec M3 – Position is unchanged.  Down $50.  Max loss $1000. Position is below:

It would be nice for the market to give us a breather. The Nov 55 is starting to feel some pain but nothing to bad. Otherwise all is good!

That’s it for now.

John

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Filed Under: Options Trading for Income Weekly Update

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