Just posting a brief update on the past couple of weeks. I guess trying to post individual trades is not working out for me, so I'll just relate what I do in general terms.
The market has not been favorable for opening new positions, in my view. There was a window of opportunity for oil sector positions until the price recently rose, but I was already in that sector and did not need new positions. I had put on positions in June and several in July where I needed them and I did not want to overweight the portfolio during the less favorable august lows.
What I did do was take advantage of the highs (sector and S&P) during August and Sept to Close out more Jan11 positions by taking early profits when the opportunity arose (or GTC sell orders were triggered. Most of these positions were in the gold and silver sectors ( I still have a good amount of positions in that sector for Jan12 expiration.) I also closed out a few lingering positions that I no longer wanted when I could do so at close to neutral prices, thus reducing overall risk and continuing to raise cash. I hope for an opportunity to use that cash when more favorable conditions present themselves.
Today I was finally able to close out the remaining leg of the DO position I mentioned in my last update, I did not get the 7.50 I was hoping for but did get about 7.25 which took most of the sting out of my potential loses. Today was such a strong day for RIG and DO, that I didn't want to push my luck over the weekend.
I also added a chunk of GTC sells for a number of Jan11 positions, since I want all of my Jan11 spreads closed out by the end of november. Most of my GTC's are for $5 spreads and I'm asking 4.65 to 4.75. My end of year sale.
I'm stll cautious about end of year market activity. Fundamentals aren't changing to a noticable degree. My portfolio remains on the high side of the cash allotment.
The market has not been favorable for opening new positions, in my view. There was a window of opportunity for oil sector positions until the price recently rose, but I was already in that sector and did not need new positions. I had put on positions in June and several in July where I needed them and I did not want to overweight the portfolio during the less favorable august lows.
What I did do was take advantage of the highs (sector and S&P) during August and Sept to Close out more Jan11 positions by taking early profits when the opportunity arose (or GTC sell orders were triggered. Most of these positions were in the gold and silver sectors ( I still have a good amount of positions in that sector for Jan12 expiration.) I also closed out a few lingering positions that I no longer wanted when I could do so at close to neutral prices, thus reducing overall risk and continuing to raise cash. I hope for an opportunity to use that cash when more favorable conditions present themselves.
Today I was finally able to close out the remaining leg of the DO position I mentioned in my last update, I did not get the 7.50 I was hoping for but did get about 7.25 which took most of the sting out of my potential loses. Today was such a strong day for RIG and DO, that I didn't want to push my luck over the weekend.
I also added a chunk of GTC sells for a number of Jan11 positions, since I want all of my Jan11 spreads closed out by the end of november. Most of my GTC's are for $5 spreads and I'm asking 4.65 to 4.75. My end of year sale.
I'm stll cautious about end of year market activity. Fundamentals aren't changing to a noticable degree. My portfolio remains on the high side of the cash allotment.