Bought 'em back for .81. So the SPY portion is +300s -2 Aug 29 200Cs. The aug 22 ES 195C was a total loss. This is getting kinda fun, because it's such a silly trade at this point. It'd be even sillier if I made a profit. I've been reading the market OK, but like last night's short, haven't traded it all that well. I think more upside is likely next week.
I made that statement at the library, Friday, while waiting for the old folks. Life in the fast lane. It's an overly simplistic view. Obviously, the market can go up or down. I see the liklihood of a rally on any pullback. As convexx said, timing is everything. My position now is +1 ES 1990C -2 ES 2000C Sep monthlies. And + 300s SPY, -2 Aug 29 SPY 200C. Just eyeballin' it, but it resembles a bullish short strangle in behavior. Any big move is not a good thing. The bad news is, my hedging hasn't amounted to any significant increase to the credit and the loss remains. The good news is that I haven't messed it up too much and the ratio spread is in a little better shape. If I decide to switch from CL to SPX products, I'll go 5x size on next trade. I like CL well enough, but it is limited in products. QM is OK, but USO bites. Last month I ended up short 5 CLs or cars as the big boys say. Well hedged, really fly-like positions. Sept. looms large and I see the potential for significant downside in the stock market, but not yet. I think that the Art of War says something like, make your enemy think that you are incompetent. Heh, heh. Just watched a doc. on the American ghost army. It showed guys picking up inflatable Sherman tanks and putting them on Jeeps. 'Dozers were used to mimic tank tracks. Camo netting was all over with a few of the dummy tanks just sticking out. Radio trans. and loudpeakers were used to mimic the noise of armored formations. Their goal was to draw German fire, while the real attack came elsewhere.
Thx for sharing....just curious are you including trading costs in over all calc? I've been trying to cut down on hedging as it just seems to be cost inefficient...sigh.
Yeah, I keep a running total of all costs and realized P/L. Was doing OK, but the loss of 2.10 on the Aug 22 1995C wiped out everything. I'm really just trying to make a few ES points. Then I can nail down the position.
I don't always do this, but I'm looking for a specific credit here. With CL I usually use a target range for the UL where I know I'm profitable.
I wanted to sell an ES put last night but held off. Tops are so tricky to trade, could go much higher or a sudden selloff. Duh, brilliant donnap.