During the afternoon while the market moved down the vix hardly reacted, giving a clear signal that we were setting an interday double bottom - open ourselves for the way up. I however did not expected that we would take out the Day High and manage to move beyond yesterday close. The last 30' were quite surprising.
The good thing is most of my trades for May are in decent condition. They can endure some more up moves. IWM, XLE, EEM, WMT all double diagonals - the RUT has morfed in a ugly beast a larger Iron condor built up over four weeks and in the middle two butterfly. The position breakevens embrace a 1sd move till May 8th. Lets hope for a quiet boring three weeks.
Below you'll find the butterfly part out of my RUT beast.
I just wanted to let you know i read through your blog and i have to say its nice to finally see a blog worth reading on a subject that i fully relate too. Positive theta trader!!
Posted by: Phillip | April 16, 2009 at 11:37 PM