I took it on the chin on that short Apr 70 CC. Didn't have the balls to pull the trigger on that short Apr 70 put on Wed morning and turn it into short straddle. That would have me covered on 70 and up.
Time to go back and read. What's the best book on this subject? On the P/L front, I'm down $600 (plus comm and margin interest) on the overall position after all the premium, dividend I collected so far. One bad trade wipes out all the work I did for the past month or so.
Here's a brief article... If you're not math inclined...then this is going to bore you to death. For other sources look at the references cited in this article. But at least I would try to understand the main concept of the strategy as it provides good insight to market behavior. In fact dynamic hedging explains a lot of what happened in the previous options expiration. Best of luck http://finance.wharton.upenn.edu/~benninga/mma/MiER71.pdf