MAY bidu butterflys

4/24/08
placed 3 butterflys on Bidu for earnings lottery ticket.
placed one ATM and the other two butterflys at the expected price move up/down.

total debit: 1.75

4/25/08
earnings came out and price is at my B/E point for the ATM buterfly (mark 358)
b/c the butterfly is flat vega my position wasn't subject to the deflating of IV's.

FEB bidu butterfly

bot +2 PUT butterflies 240/230/220 @.73 debit (mark 257.95)
bot +1 CALL butterfly 260/270/280 @1.05 debit
butterly strangle of sorts, play on earnings.
Will be interesting flat delta and vega with + 17 theta going into earnings.
Expiration in 2 days.

2/15/08
had to close it down on expiration for a loss, finished up in the middle of my money pyramids. Realized about a 50% loss.
Theta and vega did work for me but only if price was in my 2 profit ranges...
I would try this trade again!