I am still scratching my head a bit here. I am taking some risk off the table as I maneuver through earnings. I am short term bullish up to S&P 1440 or until the trend breaks, as we are still moving up the uptrend line, however I am gearing up for some very bearish times ahead.
Today:
DTV – announced good earnings and my spread moved away from me slightly. I sold 4 of my 10 25p May/Jun calendars for .35, then another for .40, then .36. We are bumping right against the channeling highs. If we can get it to close the gap to the downside, this could be a really good and profitable trade.
AIG – sold 1/3 of my May/June 46c between .90 and .95, The a second tranche was sold at 1.09 and 1.10 then a third for 1.23 before the close. Earnings take place on friday. I wanted to take some risk off. I am also thinking we will get some time of Volatility crush before earnings and I may be able to reload. This spread has been absolutely CRAZY. .55 up to 1.06, down to .75 up to 1.02, down to .55 up to 1.09, down to .84 then up 1.23. Insane.
RRD – Exited my last half of May June 30p calendar for .30. RRD broke out above 30 this morning, and was in Negative theta decay area. It was time to take my .01 after commission and call it quits. I exited the other half for .40 a few days back. Earnings took place on Tuesday.
MFE – Sold 1 unit of May/June 35p for .80. I will be slowly peeling these off. Earnings has passed, and right now I am seeing some pressure in the underlying. I originally bought these between .37 and .45.
Just made some coin on my Mystery stock. Bought for 50c calendar for .02 sold for .15. I sold 3(105) of my 16 units. I still have a long way to go, but the good news is that we have some buyers.
JPM – I unwound my May/June 45/42.5p for .36, and May/June 42.5p for .70. Those credits were pure profit as I have already rolled the April/June 42.5 and 45 s last month. Loving it! I left 1 42.5 calendar spread on in each of my accts in case we get a good morning selloff.
AMX – Aug 60/70c for 2.45 and lost .42 on this trade. Directional trading sucks.
I continue to lighten up. Whew.
Position Greeks
Delta + 654 (non-weighted)
Gamma -984 I am continuing to lighten as we move to expiration week
Theta 322
Vega 1043 I will continue to benefit as volatility rises. We were up 7% in vol today.
I lost on some, made money on some today. But overall I was up 4.6% on the day, and that makes 20.38% this month. I am very pleased.
May 7th – chop chop and adjustments, pm selloff
A few moves, a few adjustments