New position for July 2009

BOT +2 1/-2 CUSTOM SPX 100 AUG 09/JUL 09 850/850 PUT/PUT @9.85 CBOE

I opened the above strategy just before the close today. Total debit = $1970 for this new position.

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.

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

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.

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.

Backratio spread

SOLD -4 1/2 BACKRATIO SPX 100 JUN 09 870/830 PUT @-.15 CBOE.

I just sold the backratio spread at a debit of 0.15. Total debit is $60.

Total credit for the existing SPX position = $2,240.

May option expired

All May options expired worthless today.

I still have one contract of SPX 870 Put. Instead of closing it out, i sold 2 contracts of SPX June 830 put at a credit of $12.1 each. Total credit = $2420.

Total debit to the existing SPX position = 320 - 2420 = -2100.

In other words, total credit to the existing position = $2100.

Unwinding the postion

SOLD -1 CALENDAR SPX 100 JUN 09/MAY 09 870 PUT @24.25 CBOE

I continued to unwind the position. Total credit = $2425

Total debit for existing SPX position = $2745-2425 = $320

Option expiration week

I continued to unwind the position today.

I SOLD -1 1/-2 CUSTOM SPX 100 JUN 09/MAY 09 870/870 PUT/PUT @17.40. Total credit = $1740.

Total debit for the existing SPX position = $4485 - $1740 = $2745

unwinding the position

I SOLD 1 CALENDAR SPX 100 JUN 09/MAY 09 870 PUT @18.55. Total credit = $1855.

Total debit for existing SPX position = $6340 - $1855 = $4485

Hedging

I continue to hedge against delta and vega.

I sold 2 contracts of SPX May 850 put at $1.20. Total credit = $240

Total debit for the existing SPX position = $6580-$240 = $6340

SPX adjustment

I just sold 2 contracts of SPX May 850 put at $2.50. Total credit = $500

Total debit for the existing SPX position = $8980

SPX adjustment II

I just covered 2 contracts of SPX May 850 put at $2.20. Total debit = $440

Total debit for the existing SPX position = $9040 + $440 = $9480

The market was strong. Basically all news are good news to bulls! The sentiment is very bullish.

SPX adjustment

I just sold 2 contracts of SPX May 850 put at $3.3. Total credit = $660

Total debit for the existing SPX position = $9700 - 660 = $9040

SPX wants to move higher, but Nasdaq is lagging. Institutions are playing the stress test result. I really don't feel comfortable buying at this level because of the potential trap. The short-term upside potential is small while the downside risk is too large.

SPX adjustment again

I just covered 2 contracts of SPX May 750 put at $0.50. Total debit = $100

Total debit for the existing SPX position = $9,600 + $100 = $9,700.

SPX adjustment

I just covered 2 contracts of SPX May 700 put at $0.20. Debit = $40

Total debit to the existing SPX position = $9,560 + $40 = $9.600.

SPX

SPX is a lot stronger than Nasdaq. The bull tried very hard today to push it to the positive territory. Once it is positive for the year, those trend following funds will enter the market and hopefully will drive the market higher. This is the intention of the push today. Will they succeed? I don't know. I trade what i see.

I sold 2 contracts of SPX May 800 put at $0.85. Total credit = $170.

Total debit to the current SPX position = $9730 - $170 = $9560.

SPX Adjustment

I just sold 2 contracts of SPX May 700 put at 0.60. Credit to the account = $120.

Current position looks very well today.

Total debit for the SPX position = $9,850 - $120 = $9,730

New SPX Calendar

I just bought 5 contracts of CALENDAR SPX 100 JUN 09/MAY 09 870 PUT @19.70 just before the market closed.

Total debit = $9850.