Next week I plan to open a short term iron condor and I am still looking for at least one more PCCRC. Earnings season is starting to wind down so I may have to loosen my criteria a little bit to find one.
OEX 2 Day Iron Condor
The OEX IC hit my adjustment point at 484.2 in the early afternoon and I shut down the put side. The calls expired OTM and the position ended up with a loss of 21%. The loss was higher than you would normally have on this position because of the mistake in strike price I made in opening the spread. I do not plan to do both a weekly and 2 day IC in the future, especially at the same time. Although the weekly outdid the 2 day version this week, I like the idea of only being in the market part of the time with iron condors, as these are too short of duration to be adjustable. Right now I am thinking of going to a compromise between the 2 timeframes, like a 2 and 1/2 day IC at a 1:10 risk/reward ratio. The goal would be to win 80-90% of those and keep the losers loss at 20% average. At 80% the return would be +40% and at 90% the return would be +70%.
OEX Weekly IC
The OEX weekly IC came within about 2 points of the closing adjustment but managed to hang on for the full 10% profit.
SPX Monthly IC
The SPX IC was all over the place Friday and ended up having a 4% gain on the day. It is still down 5% overall, but within 10 points of the center of the risk graph. If IV drops some next week I expect this position to quickly move into profitable territory, and plan to close if I reach 12-15% profit.
AAPL PCCRC
The AAPL PCCRC bounced with the market at the end of the day and was up 2% on the day and down 1% overall with one week to go before rolling the short options.
CREE PCCRC
The CREE PCCRC continued to perform well up 3% for the day and 11% overall.
FDO PCCRC
FDO was up 1% on the day and now has a 3% overall profit.
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