RUT Update 4-23

I know what you're thinking... "What the heck is that thing and what happened to those nifty little pointed tops?"  The RUT picture looks much different than it did yesterday for a few reasons.  As predicted, the Calendar hit it's profit target today and was taken off... hence the missing pointy tops.  Second, the Put spread also hit it's profit target and was bought back and rolled up.  Finally, I've had my eye on picking up a protective put, especially now that we are nicely profitable on the overall trade.  Since there are only 21 days left in the May cycle I elected to pick up a June put, specifically the June 370, to reduce theta a bit.  Hence the little swooping figure on the left side... it's really an imbedded diagonal if you're into labels.

All that said, here's the new picture:

Once again, I don't know where things will go from here, but I have a plan for any movement.  The main thing at this point is to move into the mode of protecting profits.  As I have mentioned previously, once I am up 5% or so, I don't ever want to take a loss.  If this goes south quickly I'd rather get out with breakeven than take a loss once I'm up.  The other trading rule I will be watching for is to exit if there is another adjustment point hit.  The main goal is to see if we can accumulate a few more days of Theta, perhaps into next week, hit our profit target and get out.

Good Trading...