Today started off with a move to about 1146 which was where I thought we’d have some sort of retracement or a pause. It quickly fell to about 1136 where I put on some upside adjustments to get the deltas in line. I’ll do more adjusting if we get into the 1120s and pause. I do think we’ll have a larger retracement eventually, SPX is just below the very important psychological 2100 resistance and that tells us that buyers are running out as it has not pushed above and held (lots of buying last 2 months, so those people have lost their vote, they’ve already bought). I can’t see upside risk being less than downside risk. So I continue to keep the trades right at the edge of the adjustment points. Any 20-30 point drop will give the trades a profitable P/L. As we get dips, I’ll keep getting those deltas more and more balanced as I did today. Frustrating time for these trades but they’re working as expected. I have one hindsight regret, I think I started them with too much negative delta bias which I thought, at the time, was a smarter play given the run up to 1100 in such a short time. If I could go back, I’d probably have added 2 call calendars per tranche to keep it more neutral.
June Rhino M3 (P)
# of Units: 30
Planned Capital: 750,000
Current P/L: -15,335
Current P/L(%): -2%
Loss @ 1145: -17,200
–>Todays Trade: Added 10 1120/1170/1200 call BWBs @ 18.2 and 15 1170 call calendars @ 6.23
June Rhino M3 (D)
# of Units: 16
Planned Capital: 400,000
Current P/L: -9,233
Current P/L(%): -2.4%
Loss @ 1145: -11,500
–>Todays Trade: Added 4 1120/1170/1200 call BWBs @ 18.22 and 12 1170 call calendars @ 6.15
June Rhino M3 (M)
# of Units: 25
Planned Capital: 625,000
Current P/L: -14,516
Current P/L(%): -2.24%
–>Todays Trade: Added 7 1120/1170/1200 call BWBs @ 18.2 and 15 1170 call calendars @ 6.22
