Today I have a couple of pictures that I'm pondering. The first is the current position. As you can see, things are leaning far to the left and Deltas are +46. My adjustment point of 470 is about a one-day standard deviation away, which could easily come tomorrow.
The second picture is what things look like if I sell the uppermost calendars at the 520 strikes. Moving to a double calendar with just a week left until expiration gives me more Theta, AND moves my lower breakeven point from 465 to 460. I'm close to closing out the whole thing anyway, so this might just be a first step.
Hmmm... I will see what tomorrow brings. If things hang around, I'll probably make this move. If they move down hard, I've forced to adjust anyway. So, only strong bullish move will keep me in the 520's.
Good trading
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