Update 5/21/10

WHR PCCRC

I closed the WHR position Thursday afternoon after the profit level hit 30%. I looked at rolling on the put side to lock in delta profit but the risk graph of the roll would have been worse than the existing graph in most places. I decided to take the Vega profits with the spike in VIX and long IV approaching 50%. Right now it looks like a smart move as the position would have lost about 5% on Friday. Final p/l was +32%.

XEC

I have tried some adjustments to the XEC position starting on Wednesday when I bought another Jun 80 call for 0.45 giving me +65C/-2 70C/+75C +2 80C. XEC continued lower Wednesday and Thursday and I bought a Jun 55 Put Thurs for 1.20. A few hours later I sold that put for a 0.20 scalp and when XEC rose some at the end of the day Thurs I bought the same Jun 55 Put for 1.20. XEC gapped down Friday enabling me to sell the put for 1.70, putting me back into the position above. I decided to get closer to delta neutral for the weekend and bought a  Jun 55/60 Put spread for 1.06 debit Friday afternoon giving me a position of +65C/-2 70C/+75C +60P/-55P for 3.16 debit. Current profit stands at -36%. The plan is to scalp the 80 calls on a rise in XEC and sell the put spread on a gap down.

BIDU

I also made some trades on BIDU buying a 65/70/80 broken wing butterfly for 0.35 cr on Wednesday as BIDU continued to fall away from my vertical. This gave me a 65/70/75 butterfly as a result. Then when BIDU went down further I bought an 85 call on Thursday for 0.70 and sold it near the close on Friday for 0.85. I could have gotten more for the scalp had I sold it earlier on Friday. So the net results is a 65/70/75 fly for 1.25 dr. Current profit is -23%.

TPX PCCRC

I tried to close the TPX PCCRC for a 30% gain this week but did not get filled. IV of the longs now sits at 54-55%, so I will continue to try to close this one next week if possible. Current P/L is 26%.

CTXS PCCRC

No adjustments were made to CTXS as the long IV is not as high as the other PCCRCs at 41%. Current P/L is 21%.