Today I set my big income fly, but I wish I was able to set a few days ago when the market was 30 points higher. But over all I think the SPX is still in range from my previous thoughts on being non-directional. The chart indicates a symmetrical triangle with some very specific support and resistance, with today testing the bottom range of that triangle. From here the probability of higher prices to test the down trend line are high. Although we look and feel like we are ready to push higher above the down trend line. I base this thought on the overall higher high pattern we have seen over the last month or so.
Current I have on a short strange on EWZ, short strange on XOP, an iron condor on RUT, a SPY calendar, a SDS condor, a short put on VXX, and the newest trade is the SPX butterfly.
Above is the RUT iron condor, its up money, but i’d like to wait to do anything to this position.
Below is the SPX butterfly, I set this 15 point OTM. My adjustment points will be based on price and support and resistance. I will keep the blog up-dated with any change to this trade real time.
My trade idea from the beginning of the week would have worked out beautifully, unfortunately I was unable to get filled.