I agree with you, and I have been writing something to the same effect in other threads. What is amazing is that there are people who lie even on something that has already been proven by numbers/facts from market. Worse they know it, and have even the guts to "defend" something they themselves know it is a lie, and do it in public.
I started buying back my lower spread this past week. I now have about 3 lower spreads for every 4 on the top. I was able to buy back the lower spreads for about $30(.30) to $35(.35). That is how I play these condors. I see Thursday and Fridays price action in the market as a pivot point in the market. A 'top' and just happens to be around the 50% Fib. retracement mark on my charts. As I make any other adjustments for this trade it will be posted.
BHAM_ Your chart of RUT is superb. How do you set it up to show July and August 0f 2008? I have TOS which has PROPHET charts, so I'd like to be able to set it up that way. By the way I trade IC's, too but less aggressively-- I like to make 5-10% in a month, and possibly trade out early if the market cooperates nicely. I am very conservative in my rolling strategies.. I move much earlier than most folks to adjust.
John, Using Prophet charts, look for the 'bug looking' symbol at the lower left of the chart. Click it to resize the chart. I like a certain amount of credit with my condors. If I don't take in enough credit any major move will spike the options chain. This would put me in the red quicker with a small credit than a slightly larger on. This current condor is about a 60 day trade. Being realistic I took in 2.20 and will buy each side back for about .30 to .35... The total trade(both sides) might end up only being about 50-53 days depending on price action.
I currently have orders in to close each leg for .30 to .32 Looking to close early with a larger % time frame return. Also, there is a point where I have more 'risk' for little return riding that last few weeks.
I finished closing down my Condor on all sides mostly on the open then finished over the next hour. Once July was closed I started opening up my Aug. RUT short 800 and 630 for a credit of 2.10. The July condor 'net' was 13% in just over 35 days. My current Risk is 790 and Reward is 210. That is 26.5% Return in 55 days if the RUT stays with in 800 to 630.