Living on the edge of the cliff.
Look at the TLT, VIX and trading volume, they are all telling their story (at least for now) - up, up and away. Look at intra day volume picking up in good proportions after 3pm. 7 Point Vix drop from intra day to close - 3 points from close to close.
The butterfly is jolly. At times the mark of the butterfly was showing a 10% profit. I had an order in to pocket that 10% - they however never took it. 10% guaranteed within 24hours or the chance of 25% in 11 days - I take the guarantee, especially next week enough chances to reset and reenter.
My March Iron condor is in good shape - the only sad thing is in the morning down drarft I bought a April 370 put - that seems to be overdone right now. The biggest danger is however closing it too early for a lose and needing it again next week. So now I will stick to it - might sell tomorrow a March 370 put against it, allowing the market to pay part of my insurance.
Ernst,
Thanks for starting the butterflies back up. I learn a lot from your trading of them.
Posted by: Bill | February 14, 2009 at 12:59 AM