Update 6/8/10

CTXS PCCRC

CTXS dropped lower today with an increase in IV and my sell order at 0.05 on the short call filled. Since the underlying was moving away from the short strike at 50, and to roll the short put would only give me about 0.20 credit, I decided to close the entire position when CTXS approached 40. I bought the Jun 50 put back for 9.50 and sold the 2 Sep 50 straddles for 10.58 cr. The final tally on this trade was a profit of 8%. It is interesting that so far I only have 44% winners but a 39% profit. This is because the winners have averaged 22% gain while the losers average only a 6% loss, which is the beauty of the PCCRC, low risk, unlimited reward type of trade. Unfortunately in this high IV environment there are few if any new candidates. 

BIDU

When BIDU appeared to be moving higher at the open, I bought the +75/-2 70/+60 put bwb for 0.75dr. This morphed the position into more of a condor between 70 and 75. BIDU moved lower after the trade but closed at 70.49.

No adjustments were made to NTAP and XEC.