EOD Position Update 2/1/10

Here is my thoughts on my open positions after the close today.

SPX Iron Condor

This was a 30-day IC on SPX that was adjusted last week when the put deltas hit -30. It now is an unbalanced iron condor with 4 puts and 2 calls with shorts at 1110 and 1020. SPX closed at 1089 today moving to within 20 points of my short calls. The overall trade is up 8% today and 7% overall (based on original margin). I still feel pretty good about this one as the overall market is in a downtrend, so if we move back lower I will probably be able to close this trade at the target profit of 15%.

FDO PCCRC

This small PCCRC is FDO has not done much since it opened. It is inching towards a danger area at 32-35, but I will not do any adjustments until a week before Feb expiration. I still need volatility to rise on this one.

AAPL PCCRC

This PCCRC in AAPL is larger than my normal size for this trade, but I only used one-lot, so it is as small as I can make it. If AAPL can recover towards 210 (where it was when I opened the trade), this will be looking good. IV has risen as the chart is above 0 to the right of the short strikes, but delta has worked against me so far. This trade's profit has fluctuated a lot and right now it is down 1%.

CREE PCCRC

This PCCRC in CREE has done well getting profits from VEGA and Delta. Right now it is up 6% and my target to close is 20%. If I don't reach that I will roll the shorts 1 week prior to expiration.

OEX Weekly Iron Condor

This is my first attempt at a weekly iron condor. Day 1 is done and so far, so good. 4 days to go, will close threatened side if OEX touches breakeven points at 479.5 and 515.5. After 1 day there is 1% profit.