27 days till August

I completely forgot that this week is July expiration week. I had closed all my July trades just before I went on my trip to Ca. Coming back, I started with August. This morning I realized that July still had to expire. This is a very good explanation for the upward move which started Wednesday. Quite often expiration weeks have a bullish bias. I think we need to write this down as one of the disadvantage of only being in the market 17 days a month, you loose track of time :)

I made the graph for the current position a bit earlier. So that we don't run into problems with closing prices on TOS.

The overall position is still in good condition. The delta's are definitely asking for a down day, but nothing dramatic. Room for either way. Since this is longer term bear market, I only hope that can avoid an upside adjustment. But as said multiple times before; let's trade the market we get and not the market we wish for.

Enjoy the weekend, here on the East Coast it will be a very hot weekend,

Comments

[Bill Smith]

I just finished reading your entire blog... great stuff! I have been trading options for a couple of years now, but am still learning all the time. I have not enrolled in Dan Sheridan's mentoring program, but have been to some of his workshops and agree he is a great teacher.

Lately I've been focusing on flys a lot, so your site is great. I was wondering if you might mind sharing your rules for adjustments at some point. It seems like you lean toward adding another butterfly for adjustment. I also like the 100 delta rule (if that is a rule). It makes a lot of sense.

Thanks much for the good work.
Bill