Half way the bottom of the canyon.
Nasty day - 1.5SD down - high volume - not much upbeat remarks to make.
The butterfly is examining the lower edge of the P/L graph - I find myself in the sad position that after Thursday reversal and early Friday continuation - I add a some upside protection to the fly. Which of course is now quite stinging.
See the effects on the graph - the greeks are still under control - I am waiting till we pass the BE points before considering an additional butterfly on the 360-400-440. This being expiration week - we normally would anticipate a little upward movement later in the week. We will see
Did u adjust your Butterfly today ??
Posted by: Joe5555 | February 19, 2009 at 03:50 PM