Today we are having a nice move to the downside, and for me I always feel like getting a little more defensive. The way I like to reduce exposure by reducing my position size. That is exactly what I did, I took off the high side butterfly 1385. If we go higher, thats fine, I just want to be a little defensive.
I also added a couple positions today. Today I took off my Aug short strangle on XOP and rolled it out to Sept. The Aug strangle I made about 30% cash flow. Below is the risk graph of the new Sept strangle.