X1 qqqq Trade (DEC +1.51 credit)

12/5/07
Took off the Put Credit Spreads,
DEC Inventory:
47 strike (1) short put 0.53 Credit (initiated 11-20)
46 strike (1) short put 0.48 Credit (initiated 11-27)
43 strike (2) long puts 0.15 debit (initiated 11-27)

12-5 take off inventory for 0.57 credit or $57 dollar profit.
BTC (1)47 for .11
BTC (1)46 for .07
STC (2)43 for .02

Risk/Return was not attractive at this point, so I puked the positions, locking in the profits.

Still holding the Call credit spread inventory: watching closely to see if price will close above 52 (my short call strike price and adjustment point)

12/6/07
QQQQ have rallied again today, triggering my adjustment point, what a kick in the gut!
Added the following inventory for JAN08
sold -2 verticle JAN08 49/46 put @.46 credit (mark 52.12)
sold -1 verticle JAN08 55/58 call @.54 credit (mark 52.15)

keeping the 52/55 2:1 ratio call spread on until it hits my break even point of 53.50 then will take off the risk.
I am waiting till after Dec. 11 (fed intrest rate decision) to make further additions to my JAN income spreads.

12/14/07
QQQQ have pulled back, deflating premium out of my DEC 52 short calls.
Was holding 52/55 2:1 ratio call spread.
Shed the extra short 52 contract for debit of .40 (mark 51.31)
originally sold for .93
yeilding a .53 total credit
(1.10 is the running total credit for the DEC inventories)
Still holding the DEC 52/55 Call spread at .57 credit
current quote: .24
Plan is to close on Monday for less than .20
12/14/07
added a JAN(1) 54/56 Call credit spread for .38 credit

12/17/07
Now closed out of all DEC inventories: (according to plan)
BTC DEC 52/55 Call @.16
initially sold @.57
total credit .41

TOTAL DEC CREDITS = 1.51