Unwinding position

SOLD -4 SPX 100 JUL 09 875 PUT @7.00 CBOE

Just sold 4 Jul 875 put for a total credit of $2800.

Total debit for the portfolio = $5 - $2800 = -$2795

That means, total credit for the portfolio = $2795.

Continue hedging

Yesterday at 4:06 pm, a limit order to sell one contract of SPX Jul 875 put was executed.

Total debit for the portfolio = $755 - 750 = $5.

I will continue to sell more puts next week.

Add more hedge

SOLD -2 SPX 100 (Weeklys) JUL1 09 875 PUT @1.60 CBOE

I just sold additional 2 puts to further reduce the negative bias.

Total debit = $1075-320 = $755

continue hedging

SOLD -8 SPX 100 (Weeklys) JUL1 09 875 PUT @1.60 CBOE

As i mentioned yesterday, i sold 8 contracts of Jul1 875 put to reduce the negative bias.

Total debit for the whole portfolio = $2355 - $1280 = $1075.

hedging the delta

Now my combined position is delta negative, i sold 2 contracts of Jul 825 put at 3.2 with a total credit of $640.

The combined position is still delta negative. I plan to sell some more puts tomorrow morning.

Total debit for the whole portfolio = $5970 - 640 - 2975 = $2355

Closing worthless option

BOT +8 SPX 100 (Weeklys) JUN4 09 875 PUT @.05 CBOE

I just closed this option for a total debit of $40. Even though it will become worthless, i like to close it so that margin will be available tomorrow morning so further adjustment can be made in the morning.

Total debit = $5930 + 40 = $5970

Quarterly Option

BOT +4 1/-3 CUSTOM SPX 100 JUL 09/JUN5 09 875/875 PUT/PUT @5.30 CBOE

On the strength, i added the ratioed calendar this morning.

Total debit = 3810 + 2120 = 5930

New SPX weekly position

BOT +3 1/-2 CUSTOM SPX 100 JUL 09/JUN4 09 875/875 PUT/PUT @9.70 CBOE

I don't think we can get lower before end of Q2. Total debit for this new position = $2910.

[edit] At 3:30 pm, i added one more at a cost of $9.00. Total debit = 2910 + 900 = $3810.

Expiration day

I just sold 3 contracts of Jul 860 Put at $9.00 for a total credit of 2700.

The total credit for this position = $2975.

The previous backratio spread has expired worthless so the previous position has given me a profit of $2240.

Reducing risk

SOLD -1 2/-3 CUSTOM SPX 100 JUL 09/JUN 09 900/900 PUT/PUT @38.85 CBOE

The ratioed calendar has made over 100% of the cost. I just covered half of the ratioed calendar at a credit of $38.85 for a total credit of $3885. Right now, I am still holding holding half of the position.

Total debit = $3610 - $3885 = -$275 = $275 credit.

This is the best trade so far this year.

Weekly update

The new position entered 2 days ago has been up around 20%. The position is marked at around $22.

So far this year, i didn't have any losing position, but a losing trade will come. Losing is part of the game. If one cannot accept a loss, he/she will be a loser in a long run.

New SPX position

BOT +2 2/-3 CUSTOM SPX 100 JUL 09/JUN 09 900/900 PUT/PUT @18.05 CBOE

Total debit for this position = $3610.

This position is not a hedge to the existing position. This position will act as another portfolio that will require hedging from time to time.