The market continued to threaten the upper end of this condor this morning, so I decided to make another adjustment. This time, rather than add a call I chose to roll up the closest group of call spreads - 1325/1350 - to the 1400/1375. I did this for a hefty debit, but as you can see we still have a reasonably good profit picture.
This accounts for the previous trades through simulated trades, so it should be an accurate picture of where we are in the campaign. The good news is there was a nice reprieve later in the day, so we are in really good shape. I don't mind telling you, this months Condor was quite a struggle, but I am optimistic that we can wrestle a nice profit out it in the end. I will certainly keep trying.
Also, here is a quick volatility update. If you've read past posts you know that I keep a close eye on the VIX and RVX. This time I'm showing the RVX, although the picture is pretty much the same with the VIX. You can see that the recent rally took volatility right down to the point of previous support, but was stopped cold. And now we are back in the middle of the range. At some point we will hammer out a bottom and get lower on the vols, but not this time.
Good Trading...
No comments:
Post a Comment