May 20th – mildly uneventful down 200 Dow day.

I didn’t trade particularly well today. I am a little down on myself for it.


Well finally there was some follow through to the downside. It wasn’t too uneventful. I was proved a sissy by TXN, as it came back from yesterday’s pop. I chose to take a .06 loss yesterday, which if I would have held on today would have been given back. hmmm.
A few other trades worked well, nothing was bad. Just kind of, Ho hum. Down 13 on the S&P, 192 on the Dow.
Here were the trades:
HR – Stopped out @ 26.41. Kind of a bummer, since this was up to 28+ during the middle of last week.
IWM – 2 units of a double double – Short June Quarterly 76 call and 71p. Long July 78c and 69p. This could be a very nice trade for a .22 credit.
BJS- Sold and was faked out of 32.5c for 1.20. I am a little mad at myself for not being more aggressive on turning this into a staddle by buying 1/2 the amount of 32.5p. It cost me money. Sold with underlying @ 30.75.
MFE – bought 3 more units of June/Sept 35p for 1.50. I would like to put on more.
COF – Sold 1/2 my position of the June 45/50/55 butterfly for 1.50. This was a nice double, now the second half is on for free.
GE – bought 2 units of July/Sept 32/27.5c for 3.67 and 3.73. Underlying @ 31.61. I am playing GE to double bottom here with a theta decay position which has nice upside and roll potential.
PM – A fraction of a unit of dec/jan 55c for .05. I have already flipped my other 5 units.
QQQQ- bought 47c for 2.72, sold for 2.80, then 2.69 sold for 2.60. I was playing an afternoon bounce that never materialized.
I am quite bullish on tech. QQQQ chart. I am looking at the 200 day MA (red), as a nice place to get long.
QQQQ%205.20.gif
I didn’t trade as well as I could have, however I am tweaking my portfolio to take advantage of up and down market moves. I want to gear it for the upside, as I think we may get a morning selloff, and then a buy the dip rally.
Position Greeks:
Delta -178
Gamma -451
Theta 64
Vega 723
I would like to have significantly more Theta points, however I have not been able to find other good trades to add to the portfolio.

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