Update 5/25/10

XEC

I sold the 55/60 put vertical today for 1.25cr bringing the cost of the position down another 19 cents. The current position is a 65/70/75 call butterfly with 2 extra 80 calls for 1.91dr. After XEC rose to 66 the position closed with an overall loss of 17%.

TPX PCCRC

There have been no adjustments this week to the TPX position and there is nothing showing up on my PCCRC screens with IV so high. The current p/l is 27%.

BIDU

I have made a few trades around the core BIDU butterfly starting Monday by selling the 75/80 call vertical for 1.60cr. Later in the day I was able to buy the same vertical back for 1.40dr, reducing the debit on the fly to 1.05. Today I bought a 70/75 call vertical when BIDU gapped lower. Then when the market recovered late in the day, I had the opportunity to pick up another 20 cent scalp, but rather than make another day-trade by selling the same call vertical, I instead bought the equivalent 70/75 put vertical for 3.10. This gave me an iron butterfly for 5.85dr which is equivalent to the original call fly I had for 0.85. With these trades this position turned profitable today and is up 11% overall.

CTXS PCCRC

There also have been no adjustments to the CTXS PCCRC and currently the position shows a 15% profit.