And 49 days till September. To early for me to look for September trades. Especially with the RVX lock in the middle of its range. If the RVX was relatively low I would be willing to set up some RUT calendars, but that make no sense right now.
Still working the last lonely RUT butterfly, all in an attempt to reduce some of the loses of 670 and 680 fly. As you can see below the greeks for this position are still under control. In the (short term) dominant market trend I don't have any damage. Trend reversal will allow me to close the 680/720 debit spread and still have a small profit.
Since we all expect a down turn one of these days, I bought some TWM and bought and OCT ATM puts. If the down turn does not come. I will lose the put premium, but not the principal. If the down turn comes, the put premium was a small price to pay. Just a little bet on another leg down in the bear market (before OCT).
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