Today I closed my NBR trade and opened up a new position on the RUT for July. I was able to get out of the NBR position for a small $0.10 profit or about 6%. I was hoping to get more, however I wasn’t comfortable holding based upon today’s weak movement.
After closing the NBR trade, I opened a new Iron Condor on the Russell 2000. The position details are as follows:
- May 2006
RUT 660/670 770/780 Iron Condor
- Sell 670 Put & Buy 660 Put
- Sell 770 Call & Buy 780 Call
- Filled for $1.05 Credit
- Risk is about 9% on top and 6.7% on the bottom
The market seems to have reacted to the fed and isn’t doing much today to follow up. Next week should be quiet with the holiday and my cash is only at risk for 3 weeks. With 50 points on each side this seems to have a nice cushion. I will of course keep an eye out and if adjustments need to be made I will make them. Enjoy your weekend and happy 4th!
Categories: Options Trading
No Responses to “out with the old, in with the new”