Update 8/12/11

LULU Bullish Butterfly

LULU rose most of this week allowing the butterfly position to regain most of the profits lost last week. With the options expiring next Friday I will be watching closely to decide when to close the position. Current profit is 61%.

KMX Put Seagull

KMX initially went lower this week but recovered later in the week to finish flat for the week. Normally I would have rolled the shorts today, but with the market moving higher I have decided to wait until Monday or Tuesday to see if KMX can move closer to the short strike at 32. I did take some Vega profits by selling 3 straddles for a 6.70 credit. There is a total profit on the position of 4%.

JOYG Call Seagull

I also took some profits in JOYG by rolling 2 more long puts down to the 80 strike for a 10.50 credit. I am waiting on rolling this one also although I may decide to close it instead next week. Currently there is a profit of 21%.

AAPL Put Seagull

The AAPL Put Seagull has done very well and with IV only in the mid-30s I may continue this trade another month. I am also giving AAPL a couple of more days to get closer to the short strike which will increase my credit when rolling. Currently AAPL shows a profit of 31%.