Update 7/22/11

LULU Bullish Butterfly

LULU continued its move higher this week, adding a little profit to the unbalanced butterfly. I do not plan on adjusting this one unless it starts dropping quickly. Currently LULU has a profit of 50%.

KMX Put Seagull

KMX was flat this week but the profit dropped. It appears likely this trade will be a loser but I will wait one week prior to August expiration to close it. There is now a loss of 6% on this trade.

JOYG Call Seagull

JOYG continued moving higher this week but would have to reach 105 before I would take some profits. The move up dropped IV lower moving the current profit down by about half of what it was last week. Current profit is now 3%.

AAPL Put Seagull

I opened a new put seagull in AAPL the day after AAPL reported earnings. There is already a profit on this trade of 6% which mainly occurred because I opened the trade a few minutes after the opening bell, and IV ticked back up pretty quickly. My experience has been that in very active stocks like AAPL, many times the best entry time is very close to the open the day after earnings.