A strange day - I was mentally getting ready for a little sell-off - but around noon time I saw the VIX changing in characteristics. The vix seemed to have topped out. This kept me from swinging to much to the down side.
The butterfly is still intact - although I made another upside adjustment later in the afternoon. This month you get to clearly see how versatile a butterfly trade is and how long you can stick with it.
If the market whipsaws back to the downside expect me to quickly buy up to three 490 puts to protect the build up value in the 450-490 spread.
As you might remember we already closed one butterfly for June - so currently we are trading the second fly. I am very careful not to have this fly overtake the result of the other one (in the negative sense). June is lining up as great month - Overall my main focus for the rest of June is preserving what I gained (and already closed).

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