RUT Condor 4-6

The RUT Condor we put on a couple of weeks ago needed an adjusment this morning.  It was kind of an odd day, but we were right at the adjustment point after last Friday.  With the down move this morning and increase IV, combined with the short term bounce, we hit the adjustment point.  If there is one thing I have learned from the school of hard knocks it's not to mess around with the adjustments (aka "losses").  I had an order in that immediately took this off.  Both sides are reflected in the simulated trades below.

Here you see the current picture.  Things actually look quite good on the campaign.  You will notice a skewed condor picture, as I have not yet replaced the call side with a new position.  I put an order in but it didn't execute mostly because the RUT was down nearly 2% today.  Everything looks great however, and I have replaced the order for tomorrow.  If we get a move up it will execute and we'll have the full condor on. 

Meanwhile, we have a nice profit to be made here.

The RVX remains in the middle of the trading range we have been tracking, even with more than 3% gain today.  It's hard to say how things will go from here, but it seems to like the mid-40's to mid-50's right now.  I am hoping to see a little more drop in the RVX... around 48-49 would be nice.  If that happens I will probably be adding a calendar to the RUT campaign for this month.  This week is the week to do it, however, so I hope it happens soon.

Good Trading...