Update 6/4/10

XEC

I made a few adjustments to the XEC position this week and it is performing the best of my open positions right now. On Tuesday, XEC moved higher and I put a trailstop order on one of the extra 80 calls. I ended up getting filled at 1.45cr. On Wednesday I sold a -80/+85/+90 call ladder  for 1.30cr. On Thursday I consoldated everything into 2 butterflies for a small net credit by selling a +80/-3 85 call ratio for even, and then buying the embedded 70/75 call vertical for 3.60dr, giving me a 65/70/75 and 80/85/90 fly for 0.02 net credit. Today I didn't plan on making a trade but ended up with a small nudge against the XEC drop by buying an 80/85 vertical for 0.90dr giving me a net debit of 0.88 for the 2 flies and extra vertical. If XEC bounces higher next week I will either close the vertical or buy the other side giving me a second 85 fly. Current profit is around 30% of the average margin.

NTAP PCCRC

NTAP ended up down this week closing at 37.88. It is close enough to the short strike to give me a small profit. No adjustments will be made until late next week.

BIDU

BIDU is a little out of control, with 4 trades I have a condor, butterfly, extra call and extra ladder. On Tuesday I bought a 70/75/80 call fly for 1.10dr. Wednesday I sold a 75/80/85 ladder for 1.50cr. On Thursday I sold a 70/80 put vertical for 4.25cr. That gave me the fky, condor and extra call. Today I took a small bet against the fall in BIDU selling the 75/70/65 put ladder for 1.35 cr. The resultant position is +65c/+65p/-70c/+2 70p/-75c/-3 75p/+80c/+85p/+85c for 3.25 net debit and the risk graph is shown below.

CTXS PCCRC

No changes to the CTXS position even though it lost some money this week.