X1 QQQQ trade FEB08 (+0.90)

Credits accrued since DEC = +3.00
Goal is to pay for JAN10 60 long put debit of 11.81
extrinsic value is paid for, now working on paying down the rest of the intrinsic value (8.81 to go)

1/07/08
Placed an Iron Condor at:
sold -2 FEB08 43/40 PUT verticle @.27
sold -2 FEB08 52/55 CALL verticle @.34
total credit for Condor is @.61
80% probability on a 3 wide spread, margin required is 2.40 per leg.
I plan to place a PUT diagnol to add bearish bias and/or possibly 1 more CALL credit spread. Would like to wait for a rally bounce to sell into.
Will not loose more than $150 on any given month as this is the average monthly credit I have recieved for the last two months.

1/08/08
bot +1 JAN/MAR 47 PUT calendar @1.29 (mark 48.62)
plan is to roll JAN 47 put (.35 credit) when it reaches approx .10
would like to roll to FEB 46 or less making it a PUT diagnol.

1/15/08
adjustment to JAN/MAR 47 PUT calendar
sold-1 diagnol JAN/FEB 45/47 PUT @.11 (mark 46.76)
by selling this diagnol I btc the JAN 47 short put and rolled it to FEB 45 short put collecting a .11 credit
This has produced a beautiful P/L graph (above on right) including my already 10% profitable condor in the QQQQ's (10% b.e. points up and down with the bias to the downside.)

1/16/08
btc +2 FEB 52/55 CALL vertical @.06
orginal credit sold -2 @.34
Net credit = 0.28 x 2 = .56
still holding the 2 PUT verticals and 1 PUT diagnol

1/17/08
sold -2 FEB 49/52 vertical @0.32 credit

1/22/08
btc +2 vertical QQQQ FEB 43/40 PUT @1.04 (mark 42.88)
orignially sold for .27
total loss per contract(2) = -0.77 (2) = -1.54

1/23/08
btc +2 vertical QQQQ FEB 49/52 CALL @.07
originally sold @.32
net credit per contract (2) = .25 (2) = .50

Added short PUT vertical
sold -2 vertical FEB 39/36 @.40 credit (mark 42.21)

1/24/08
btc +2 vertical FEB 39/36 @.12
originally sold (yesterday) @.40
net credit per contract (2)= .28 (2) = .56 credit

2/05/08
stc (1) the 47/45 put diagnol for 2.00 credit
original debit on a JAN/MAR 47 put calendar was 1.29
rolled the short put JAN to FEB 45 for a .11 credit
total trade profit (1) contract = + 0.82

Closed out of all FEB inventories for total profit of 0.90

TOTAL credit from DEC & JAN credits is 3.00 therefore relieving all extrinsic value and risk from the position. Next goal is to pay down the cost of the JAN10 long put total debit is 11.81 (subtract 3.00 credits = 8.81 left)
Now with the DEC-FEB credits, total reduction in cost basis is equal to 3.90