Update 4/6/10

CREE PCCRC Closed

I ended up closing the CREE PCCRC today for a 20% total profit. I initially was concerned about the shorts whose time value was less than 5 cents making the calls a candidate for exercise. But on the other hand, if CREE 's IV goes up 8-10 points over the next 11 days there could be a good bit more profit. I first decided I needed to close the short calls and puts. But if I did that the Delta went from 50 to 250, meaning a 1 point move down would cost $250 in profit, and a further move down could cost all of the profit. I wasn't willing to take the risk so I closed the entire position.

WSM PCCRC

The WSM position was completely flat today while the stock rose 0.13 to 28.07. The short calls are in danger of exercise and I may have to roll or close them soon.

AAPL PCCRC

The AAPL shorts are still holding some time value so I plan on keeping this trade going until the day before earnings. The last several earnings periods AAPL's IV has went up 8+ points which could turn this trade back to a profit. The position was down 1% today and is down 9% overall.