Friday, February 20, 2009

RUT Condor 2-20

As promised, here is my Condor update with a more thorough explanation of where we are.  A couple of days ago I mentioned (click here to see) what trades I had on and what had sold out.  Here is the current picture, as of today, on the position:


As you can see, the green and red background boxes near the bottom show our SOLD and BOUGHT positions as described in the previous post. Current Deltas (blue circle) are slightly short, at -23.  I'm okay with that given that this represents the overall Deltas for 15 contracts... meaning that it's less than -2 per contract.  That's flat.  You can also see in the yellow circle that the short strikes that are closest in are both in very good shape, with the Put side at 9.3 (93 divided by the 10 contracts on that position), and the Call side is at 11.9.

Given that we are at 27 days and I've already taken profits one two legs, I probably won't add any more legs.  What's here will get managed and monitored as time value erodes.

Good Trading...

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