APR08 DIA income trade (+84 +25%)

3/19/08
Placed 3 different short verticals and 1 butterfly
see screenshot for details (mark 122.53)

Trade is biased bullish but fairly neutral with a 52% prob of expiring. This postion should offset some of my other income trades with neg delta. short puts are at key capitulation lows and should prove to be stable. Can shave off some risk if the short puts get challenged. Will not loose more than 1.5 of cash flow.

4/03/08
took off the widest spread my PUT vertical:
BTC 117/115 PUT vertical @.10
original credit @.42
+$0.32 gain (1) contract

4/04/08
BTC (2) 116/115 PUT vertical @.03
original credit @.21
+0.18 gain (2) contracts

4/16/08
closed out of the whole trade (see pic for reconcile)
Result +.84 credit overall on ~$325 margin risk = 25% ror

NYX slingshot

3/7/08
bot +100 shares for 60.27
bot +1 APR 60 PUT for 3.78
sold -2 APR vertical 65/70 CALL for 1.15 (2)
total debit 61.75 for trade approx +20 deltas

APR inventories
4/10/08 STC -1 APR 60 PUT @.30
loss - 3.48

4/18/08 (mark 68.89)
BTC =2 vertical 65/70 CALL for 3.87 (2)
loss - 2.72 (2) = -5.44

Total APR inventory losses = -8.92

MAY inventories
4/10/08 Bot +1 MAY 65 PUT @3.40

4/21/08 mark 67.83
sold -2 vertical 70/75 CALL @1.42

FEB income totals -8% (-$860)

10 income trades for FEB (excluding earnings plays and directional debit trades)
total loss of $860 for FEB or average of -8% loss on margin

APR spy condor (+$144 on $800 margin) +18%

3/05/08
sold -3 vertical APR PUT 118/115 @.25 (mark 133.71)
sold -3 vertical APR CALL 145/148 @.27
.52 credit 2.48 margin X 3 contracts
124/142 are the 20 delta strikes to adjust on.
dont risk more than 1.5 to 2x the max credit on trade. take profits/tighten the noose at 60% of credit.

3/10/08
btc +3 vertical APR CALL 145/148 @.06 (mark 128.98)
net gain +.21 X (3) contracts
3/10/08
sold -3 vertical APR CALL 141/144 @.21 (mark 127.81)

3/20/08
sold -1 vertical APR CALL 140/141 @.21 (mark 132.58)
sold -1 vertical APR PUT 127/126 @.21

3/31/08 (mark 131.89)
btc +3 vertical APR PUT 118/115 @.09
3/05/08 original credit .25
net gain +.16 x (3) contracts

btc +1 vertical APR PUT 127/126 @.21
3/20/08 original credit .21
net gain 0.00 (1) contract

btc +1 vertical APR CALL 140/141 @.09
3/20/08 original credit .21
net gain +.12 (1) contract

btc +3 vertical APR CALL 141/144 @.14
3/10/08 original credit .21
net gain +.07 x (3) contracts

Total Trade Reconcile
+ $144 on $744 margin = +18%

APR08 iwm condor (-$202 / -18% loss)

3/05/08
sold -4 vertical APR 60/57 PUT @.31 (mark 68.27)
sold -4 vertical APR 76/79 CALL @.23
62/74 are 20 delta strikes to monitor

3/07/08
bot +1 vertical APR 63/61 PUT for .51 debit

3/10/08
btc +4 vertical APR 76/79 CALL @.06 (mark 65.03)
net gain +.17 X (4) contracts
3/10/08
sold -3 vertical APR 71/74 CALL @.32 (mark 64.45)

3/20/08
sold -2 vertical 64/63 PUT @.22 (mark 67.87)
shaved off some neg deltas w/ this addition and added +theta. Still running into some solid resistance at 70-72 range, will start to adjust at 70...

3/25/08
hit 70 yesterday and has held all day, decided to do some massaging on the deltas:
btc +4 vertical 60/57 PUT @.10 (mark 70.26)
net gain +.21 X (4) contracts
btc +1 vertical 71/74 CALL @1.15
net loss -.83 (1) contract
stc -1 63/61 PUT @.16
net loss -.35 (1) contract
btc +2 vertical 64/63 PUT @.13
net gain +.09 X (2) contracts
*totals as of 3/25/08 = +.52 with (2) CALL verticals still open at 71/74 for +.32 credit
placed a stop order at 1.42 to prevent from loosing more than approx$175 on the trade. Still feel confident that 72.50 will hold as resistance.

3/26/08
bot +1 calendar Apr/May 68 PUT @.97 debit (mark69.61)
4/18/08
sold -1 calendar @.65 (mark 72.16)
loss -.32

4/04/08
BTC (2) 74/71 CALL vertical @1.43
original credit .32
Loss - 1.11 (2) contracts

total reconcile of trade = -1.70 w/ only a Apr/May 68 Put calendar still in play.

-2.02 Total loss / -18% loss on 1082 margin risk

Orig. Plan:
when the delta of the options are at 20 you are starting to feel some pain depending on the volatility, take off some and roll down or close. When placing this trade look and see what strikes put/call have .20 delta, then set your plan to adjust the trade when that point is hit. Can also midigate risk by overlaying a put/call debit spread to protect the side you are concerned about. For example on the put side 60/57you may want to overlay a 61/58 to reduce risk to the down side. This would be on a ratio basis, you would have 5 contracts of the condor and 1or2 of the debit spread.

MAR income trades closed for +12% (+$456)

MAR income trades all closed by 3/04/08

played 3 seperate portfolios
IWM condor
SPY condor/diag
RUT condor
totals
margin $3979
profit $456
% gain +12.6%

APR aapl +-verticals (+11% or +$140)

3/04/08
bot +2 vertical APR 130/135 CALL @1.51 (mark 122.32)
sold -2 vertical APR 100/95 PUT @0.56
total margin 5.95 (2)

3/12/08
stc -2 vertical 130/135 @1.92 (+.41)
btc +2 vertical 100/95 @0.27 (+.29)
total profit +.70 (2 contracts)= + $140

The greeks are neutral for vega and gamma, theta is positive and delta is positive 25 (biased bullish)
plan to risk 150 to make 150 total on trade.
If stock gaps I risk a greater loss, but AAPL is beaten up and I believe the gap up is a better possibility.