Update 6/11/10

XEC

I made two trades to transform the XEC position into a condor. On Wednesday I bought the 70/75 vertical for 3.60 and on Thursday I sold the 80/85 vertical for 1.08 giving me a 65/70/85/90 condor for 2.20. I considered scalping the 70/75 vertical Thursday which could have netted me an additional 0.30 credit, but since XEC was still in the area of the risk graph between the two flies, I would start losing some of my profit because of the negative theta. The new position has a positive theta and probably will not be adjusted again.

BIDU

I also adjusted BIDU into a condor but it is not nearly as wide as the XEC condor. It also has an extra OTM call and put which could be useful if I need to roll up or down. On Wednesday I scalped a -80/+3 75/-2 70 put BWB for 0.30 by buying for 2.80 and selling the same spread for 3.10. Then Thursday I added a 70/-75/-80 call spread for 2.25 debit and bought a 70/75 put vertical for 2.45 debit. The overall position is essentially a 65/70/75/80 condor 2 times with an extra 85 call and 60 put for a 6.80 net debit. BIDU closed nearly centered in the condor at 72.75 and the position has finally reached breakeven. 

NTAP

I rolled the NTAP short options on Thursday when NTAP was near 38 giving me a 2.10 credit in going from June to July at the 38 strike. NTAP approached 40 today and the position shows a 3% profit.