Yesterday I mentioned that I had some hope for this trade if we go the "somewhat predictable rally" this week. I had $577 in my sights, as depicted by the price slice in yesterday's chart (it's still there on today's chart as well), which turned out to be the intraday high. I have to confess, I was hoping to get there by Friday, but I didn't expect to see it all in one day.
One interesting thing to keep an eye on is Theta. Today it sits at $119, while yesterday it was at $131. But wait! Isn't time decay supposed to increase as we get closer to expiration? That folks, is the effect of falling implied volatility. In any case, we are now showing a profit - and this INCLUDES all of the adjustments we've made so far this month. While this campaign doesn't look like it will reach our original profit target of 15%, it seems possible we will make it out with something to show for it.
Good Trading...
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