What a week - the initial sell off was very well received at least on my end - with amazement I watched the whole Monday sell off being taken back and a (little) bit more. The week ended in green.
The VIX started Monday on 33 moving up to 40 - it settled on 36 on Friday afternoon. So while the market retraced, the VIX stayed in the middle of the move.
My overall RUT position is in the need of a sideways - bearish move. A 1sd move up till May expiration is currently not covered by a profit area. For now I concentrate on reducing my short deltas. Although I'll maintain short deltas.
The last couple of days I have managed to close some credit put spreads. I had orders in to close put spreads for 20ct, but the market was not very eager to hit me - although the mid on those spreads had been 20ct for some days. I started to what I call wiggle me out of those spreads. If I see the market on a short term chart on a top - I will put a order in to buy back 20% of my short strike around the mid. If you're lucky you will get filled, then I put a order in for the long put 20ct under the just paid price for the short. While the market comes down - MM's become more interested in your put and you might get filled. Because I do this in small steps, I don't run the risk to destroy a good trade. So far I managed to close 50% of my put credit spreads.
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