Jimbo's Option Spread Journal

Got out of the 460 call this morning.
Waited for the 10 am dip (EST) and submitted my order.
Got filled on the BTC 460c @ .70 x 5 contracts.

OK...
Here is the totals for the month.
SPX totals were a net loss of $69.92 after all the trades (actually too many).

GOOG trades net total was a gain of $1525.05
MoMoney...your are right..way too much risk to carry over the earnings...but it worked out. I went against my better judgement, and got away with it....NO MORE.
My 470 call is still open, but is worthless to do anything with it.

Previous Acct balance before trades
$14,085.
New Acct. balance...
$15,540.13
Net gain for the month was $1455.13.
 
Today I entered into the "Weekly" SPX Credit Spread.
I know I am about to get "Flamed" for doing this but it looks like it should work out , considering it will be only a 3 1/2 days trade.
The chart have been in a down trend since the High made on friday (1389.45).
The Parabolic SAR has reversed direction, The RSI has pulled back below 70 , and last the CCI has started a down trend.
see chart...

Well, here it is.
STO 10 1385 Nov Calls @ 1.40
BTO 10 1400 Nov calls @ .5
Expires end of the week, and hope to keep the credit of $870 after commissions. That should be a 5.8% return for 3 1/2 days.

I will update the status before the close on Thursday.

Still watching GOOG, and CME for an Iron Condor setup for the last couple weeks left on the NOV options.
 

Attachments

Well the SPX is taking some profits out and is going my way, as the indicators suggested.
I went ahead and bought back the 1385 calls for .25.
Why wait another day for it to possibly shoot back up and take back the profits.

Here is where I stand....
Previous balance was $15,540.13.
Add another $1120.02, after subtracting the 2 commissions.
I still have the 1400 calls that are LONG in play (costing $514.99).
I will see what the SPX does around 10 am tomorrow to see if there is an additional "day trade" I can do with another 1385 call before it stops trading at the EOD.
Current balance on closed trades: $16,660.15.
Current value on open trade: (-514.99).
 
Here is my next trade to work on between now and the NOV expirations. (14 days)
NDX Iron Condor. (currently @ 1704)
Sell -10 NDX NOV 2006 1765 Call (.NDYKM) $2.85 ($2,850.00)
Buy 10 NDX NOV 2006 1775 Call (.NDYKF) $1.83 $1,830.00
Sell -10 NDX NOV 2006 1625 Put (.NDVWC) $2.00 ($2,000.00)
Buy 10 NDX NOV 2006 1615 Put (.NDVWO) $1.70 $1,700.00
($60.00 in comm).
If this works out as my first IC it should have a nice profit window @ exp between 1632 and 1766 as break even points.
I already enter my stop orders to close out the trades at 1637 and 1761.

Let's see if this Iron Bird can really fly....:cool:

With the 1400 SPX call I had left from the previous trade expiring, the current acct balance is now updated.
As of 11/03/06 $16,145.93.
Still on track with my monthly Target Goal.
 
Quote from jllm03:


I already enter my stop orders to close out the trades at 1637 and 1761.
More...
Checked my account today to see how bad I got hit on my NDX stop order.......NOTHING happened!!!
Apparently I "Fat Fingered" the price as 2761 instead of 1761...which today, it hit up to 1762. OOOPs...Thanks to the pullback this afternoon I am going to hang in there a little longer to see if the NDX has started a correction, (even if a small one).
I just re-adjusted the stop order to 1765.
 
OUCH!!!!!!!
Got stopped out on my NDX IC Trade today.
Was hoping that it would make it until the Friday EXP but it did not happen...
Here's the details...it's not pretty...

Sell -10 NDX NOV 2006 1765 Call (.NDYKM) $2.85 ($2,850.00)
....had to buy it back @ 12.6 ($-9,700 net with 2 comm and previous credit applied)

Buy 10 NDX NOV 2006 1775 Call (.NDYKF) $1.83 $1,830.00
....sold this @ 8.7 (+$6,840 after purchase price and 2 comm applied)

Sell -10 NDX NOV 2006 1625 Put (.NDVWC) $2.00 ($2,000.00)
Buy 10 NDX NOV 2006 1615 Put (.NDVWO) $1.70 $1,700.00

....I will let these expire on friday for a credit of $270.

Previous acct balance was...$16,145.93
NEW Adjusted balance ...$13,475.93

Back to my basic spreads...
 
New Option Spread to help get back near the BLACK for the month...

This will be on the SPX , NOV expiration at the end of the week.
BTO 10 SPX NOV 2006 1410 Call (.SXZKB) $0.25 $250.00
STO -10 SPX NOV 2006 1400 Call (.SXZKT) $1.15 ($1,150.00)
Minus $29.98 in comm.

3 days left to trade on this spread.
 
Close at the EOD on Thursday was 1399.72 for the last trading day of the NOV trade.
This mornings open was all down from that, so the set price on the SHORT 1400 call option in my spread should be expiring worthless today.
Will update the account balance after it is settled.
This should get back around $900 of what I lost earlier this week on the NDX.
 
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