Update 5/27/11

CTXS Bullish Diagonal

CTXS started the week down the first two days and on Tuesday I covered the longs by selling 2 Jun 87.5 calls for 0.85. CTXS was up the rest of the week and on Thursday I uncovered the position again by buying back those same 87.5 calls for 1.40. Profit on the CTXS diagonal position is 18%.

CTXS PCCRC

I did look at adjustments on the CTXS PCCRC but the underlying has not moved far enough to start locking in delta profits. CTXS will probably have to hit the mid 90s for an adjustment to make sense. Total profit on the CTXS PCCRC is 14%.

CSC Bearish Diagonal

I set up a bearish PCCRC indicator and CSC appeared on it this week. On Thursday I opened a new bearish diagonal in CSC buy buying 4 Sep 40/-4 Jun 35 diagonals for 4.50 debit. Ever since opening the position CSC has continuously moved up and today I rolled the short up to the 37.5 strike for a 0.43 credit. The chart of CSC still looks bearish so I am sticking with the trade unless a stop is hit. After 2 days there is a loss of 32%.



GES Bullish Diagonal

GES showed up on my PCCRC Spiker scan yesterday and I decided to make the same type trades as I have on CTXS. I will open a bullish diagonal and paper trade a PCCRC. The bullish diagonal is 3 Sep 41/-3 Jun 46 for 5.00 debit. Today I uncovered the position by buying back the short call for 0.80. After two days the profit is 1%.



GES PCCRC

I also opened the GES PCCRC paper trade yesterday. This was a 2/2/-1/-1 Sep/Jun PCCRC for 11.90 debit. The GES PCCRC is profit is 0%.



Update 5/20/11

CTXS Bullish Diagonal

CTXS dropped on Monday, then went up each day the rest of the week finishing the week up about 1/2 point. On Thursday I uncovered the diagonal after 2 up days with MACD up.

Currently the CTXS diagonal has a profit of 3%.

CTXS PCCRC

There were no adjustments to the CTXS PCCRC position last week. The PCCRC shows a profit of 7% based on an original debit of $2435.

Update for 5/13/11

I had a busy weekend and am a couple of days behind on this update.

CTXS Bullish Diagonal

No adjustments were made to the CTXS diagonal this week. The position currently has a loss of 3%.



CTXS PCCRC

I rolled the shorts in the PCCRC out a month at the same strike for a $4.00 credit. As of the close on Friday the PCCRC is showing a profit of 8%.



Update 5/6/11

Most of my diagonals hit stops and were closed this week. Depending on what the market does here I will either open some new bullish diagonals and bearish diagonals.

NOV Bullish Diagonal

On Tuesday I decided to close NOV based on the NOV chart breaking through resistance. Final tally on the trade was a profit of 207%.

XLE Bullish Diagonal

On Friday I closed the XLE bullishj diagonal based on the chart and a stop being hit. Total profit on the trade was 296%.

UA Bullish Diagonal

For the same reasons I closed UA on Tuesday with the final profit at 116%.

CTXS Bullish Diagonal

CTXS was down the first three days of the week but then bounced back some on Thursday and Friday. On Tuesday I rolled the short calls out to June for a 0.75 credit as they had dropped to 20% of their initial value. There currently is a loss on the CTXS bullish diagonal of 13%.

CTXS PCCRC

The paper trade of the CTXS PCCRC has faired better than the bullish diagonal, which would be expected since the diagonal is a directional trade and the PCCRC is delta neutral and the stock has went down since the trade was initiated. There were no adjustments made to the PCCRC and the current profit is 2%.

Update 4/29/11

Summary: Covered NOV then rolled shorts out and down, no change in XLE, rolled shorts down in UA, completely closed MHS, opened CTXS and plan to compare a diagonal in CTXS to a PCCRC in CTXS.

NOV Bullish Diagonal

NOV took a hit last Wednesday after an earnings miss and was down almost 3 points on the week. I covered NOV before earnings then rolled down the May 85 short calls out to June after they dropped quickly after earnings. Profit on the position is now at 348%.

XLE Bullish Diagonal

There were no trades in XLE this week and it remained uncovered. Profit is at 639%.



UA Bullish Diagonal

UA also had a big drop after earnings Tuesday and continued down later in the week. The shorts were rolled from the 85 strike to the 77.5 strike after the short was 20% of its initial value. Profit stands at 177%. If UA goes much lower I will be closing the position.

MHS Bearish Diagonal

MHS beat earnings estimates on Thursday and shot higher. I decided to close the position which had a 36% loss.

CTXS Bullish Diagonal

CTXS showed up on my PCCRC scan on Thursday. After looking through my results over the past several months I noticed that 75% of my PCCRCs went up in price (and were profitable). My diagonals have only gone the direction I design them 50% of the time. Matt is better at picking direction of stocks and has a 60-70% success rate. So I decided to screen for a trade using the PCCRC criteria but place a diagonal trade on it. Generally a successful PCCRC would gain more if traded as a diagonal if the stock moves up. Both are Vega, Delta, and Theta positive with the diagonal having more Delta and the PCCRC more Vega. For comparison on this trade I will paper trade a PCCRC at the same time. The diagonal was long 3 Sep 80 calls and short 3 May 90 calls for 9.10 debit right now this trade is down 2%.

The PCCRC is 2 contracts of the Sep/May 85 strikes for 24.35 debit. It is down 2% right now also.