Breckenridge opening day is Friday November 9th. That is right, trading in the morning and skiing by midday for me. And for those taking advantage of the out of state ski package through Grand Timber Lodge (Mike S., Dave H.), you will be staying in the building just above the lift. Not bad, 5 days for less than $200.
I was feeling pretty low yesterday. I gave away 2k of profits on NVLS alone, mainly due to lack of discipline in taking half of my position off when I make a double. Yesterday I was having 5k price swings and I prefer not to go through that for awhile. So I decided to take off a lot of risk during the morning. The multiple days down have not been kind to a sideways portfolio. So I was very pleased get to 95% cash without incurring a loss on any of my positions. Whew.
I am still looking to find more Dec/Jan Calendars with the weekend coming and the Thanksgiving week to further reduce the number of trading days. I am also looking @ a couple unbalanced butterflies.
I feel redeemed
NVLS: Exited 10 units of Nov/Dec 27.5p calendar @ .52-.53. It was up to .70 on monday, and purchased for an ave of .28. I still own 1 unit of Dec 27.5c-30c spread.
ADM – Sold 6 units of Dec/Jan 35p @ .30-.33 for a very slight profit. The price moved above yesterday’s high and to the high end of my breakevens. To be disciplined, I decided to exit. I still own 2 units.
UNG- Bought back my short 46c for .05, and sold a 43c for .30. That is .10 more than the time premium in my long 41p.
HRB – added 2 unit of 17.5 Dec/Jan calendar @ .20 for downside hedge. I also bought 2 more units of the 20p calendar for .17. And widen my Breakevens from 15.70 to 23. I like it. I will add to the position as I am able
USB – Exited 3 units of 32.5c Dec/Jan for .23 & .24. I like this trade very much, and may add a Dec/Jan 30c spread to hedge to the downside.
SPY – 2 units of Short Iron Condor – Dec 138/140p 155/157c for a credit of 1.00. This two point wide Iron Condor offers a 1:1 risk to reward with the short strikes above and below the previous highs and lows. The 61.8% retracement is 144.93.