Update 11/26/10

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NOV Bullish Diagonal

There were no adjustments made to the NOV position this week, or any other position for that matter, with the Thanksgiving holiday. NOV closed the week at 61.52 and shows an overall profit of 210%.

FCX Bullish Diagonal

FCX closed the week at 97.93 and shows an overall profit of 25%.

XLE Bullish Diagonal

XLE closed the week at 62.41 and has an 81% profit.

LVS Bullish Diagonal

LVS closed at an even 50 dollars and has a 139% overall profit.

Weekly Update 11/19/10

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The market was down early this week but recovered Thursday and Friday giving my bullish diagonals a 4% gain on the week.

NOV Bullish Diagonal

On 3 of the 5 trading days this week I made trades in NOV. On Monday, I covered the long by selling 3 Dec 60 calls after NOV was down 2 days in a row. When NOV recovered on Thursday, I rolled the longs up and out to the May 55 strike and also rolled the short up to the 65 strike. I was also able to increase the number of shares to 4 with these trades. Today I uncovered NOV by buying back the short calls. So the current position is 4 long May 55 calls with overall profit at 212%.

FCX Bullish Diagonal

 I also made 3 trades in FCX this week. On Monday I covered the long by selling the Dec 110 long. After another move down Tuesday I rolled the short down to the 105 strike. Then today I uncovered the long by buying back the short 105 call. Overall profit is 52%. 

XLE Bullish Diagonal

XLE followed the same pattern as FCX. Covered on Monday, rolled down on Tuesday, and uncovered today. Overall profit is 110%.

LVS Bullish Diagonal

LVS entered the week covered and on Wednesday I rolled the short down from 55 to the 50 strike. Then today I uncovered and bought back the short. Overall profit stands at 129%.

Weekly Update 11/12/10

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This week was good until today, when the market went down against all of my bullish diagonals. I am looking at some bearish positions also, but haven't found a good entry point yet. This week the accounts are down 4% giving back a little of the gains from the last couple of weeks.

RVBD PCCRC

I wanted to free up some cash for new positions this week, so I ended up closing all of my PCCRCs. I plan to stick to diagonals for a while, but I could return to the PCCRC trade in the future. I closed the RVBD position on Thursday, and the final tally was a gain of 25% of the initial debit.

COH PCCRC

I also closed COH on Thursday and the overall profit on the position was 5%.

SOHU PCCRC

SOHU was closed on Monday netting 11% profit.

NOV Bullish Diagonal

No adjustments were made to the NOV diagonal this week, although I will be covering the long Monday if NOV is down again. Despite NOV closing today down 3% to 57.65, overall the position is up 178%.

FCX Bullish Diagonal

FCX is still uncovered with no adjustments this week. FCX will also be covered Monday if it is down again. Overall P/L is close to where it ended last week, +68%.

XLE Bullish Diagonal

XLE also had no adjustments this week and ended today at 62.87. It will also be covered Monday if down again. Overall profit is currently 108%.

LVS Bullish Diagonal

On Wednesday I covered LVS after 2 down days in a row by selling 3 Dec 55 Calls for 1.75. Today LVS closed at 48.52 and the total profit is 131%.

Weekly Update 11/5/10

Another good week this week with an overall gain of 18%. I may need to rename this blog from VEGA Trading to Diagonal Trading, as the diagonals are smoking the PCCRCs, and I am becoming sold on the diagonals being the best way to grow an account. My PCCRCs have a ROI of 6.2% this year while the diagonals have a ROI of 84% while requiring about 1/3 the debit of the average PCCRC.

PCCRCs 

Since I made no adjustments or new PCCRC trades this week, I will not list any individual risk graphs. Next Friday will be adjustment determination day for the PCCRCs.  

RVBD had a small gain on the week with overall profit now at 21% and RVBD at 59.28.

COH was stagnant still showing a 4% profit while closing at 52.92.

SOHU closed at 74.05 and also shows a gain of 4%.

NOV Bullish Diagonal

I still have uncovered longs in NOV although I did take some delta profits this week by rolling from the 47 to 50 strike. NOV closed the week at 58.77 and total profit stands at 204%. No, that number is not annualized, which would be ~ 2100%. 

FCX Bullish Diagonal

FCX moved up and I rolled the long call out to Feb and up to the 90 strike. FCX closed the week at 104.84 and profit is now 71%.

XLE Bullish Diagonal

XLE also moved up this week causing me to uncover the longs by buying back the shorts on Tuesday. I also rolled the longs out to Mar and up to the 58 strike. I am trying to position my longs 4-6 months out right now which is Feb, Mar, or Apr expiration months. XLE closed the week at 62.31 and the position is up 88%.

PNC Bearish Diagonal

PNC traded up the last three days of this week to the point where I felt the bearish pattern was broken. I closed the position out today for a 46% loss.

LVS Bullish Diagonal

LVS chugged higher again this week and I was able to roll the long calls up from the 40 to 45 strike. LVS closed today at 51.98 and is showing a profit of 186%.