Update 6/7/10

XEC

XEC moved up most of the day Monday and I put a trailstop order on the vertical I bought on Friday once I was up 25 cents. I ended up getting a 0.30 scalp on the vertical putting me back to the 2 flies at 70 and 85 now for a 0.32 credit. Plan to look at similar trades Tuesday if we get down near 75 or up to 80. According to the risk graph, I don't have to do anything about the 75-80 range until early next week when I will start seeing some losses in that area.

BIDU

This one seems to be going the wrong direction. Bidu traded in a pretty narrow range Monday, slightly down from Friday's close. I thought I would be doing nothing, but then near the end of the day it traded down further breaking 70. I ended up selling another ladder this time the call -70/+75/+80 for $1.50 cr. My thinking was this trade gets me closer to delta neutral and allows me to sell the ATM 70 call and buy OTM calls. The net result is +65/-2 70/+2 80/+85 calls and +65/+2 70/-3 75/+80 puts for 1.65 net debit. The short 75 puts are starting to worry me here. If we go down further I can scalp the call ladder (or vertical) I sold Monday, but after that trade I will be in a very delta positive position. If we go back up Tuesday, I can look at buying back the put ladder (or vertical), but it will take a big move for that to be profitable. My short theta is a bit high- if we sit still the position will be hurt also.

NTAP & CTXS PCCRCs

I have an order to close the short call in CTXS at 0.05, but other than that I doubt I will adjust these 2 before Friday. If CTXS does not go up a lot this week I may completely close the position rather than rolling for 0.20.