I found two quotes yesterday, and thought I'd share them:
From Paul Vigna: "Apparently, one of the symptoms of swine flu up here in the States is it makes you buy stocks for no good reason."
"There may be nothing more pathetic than a hedge-fund manager worked up
in a moral lather, complaining that he hasn't been treated fairly." Steven Pearlstein in the Washington Post.
I'll be making entries in this diary from time to time. Sometimes they will be specific trades I've made, and at other times the entries will be more generic.
1) RUT moved higher Thursday morning, scaring me enough to cover the call side of my May and Jun iron condors. I bought the 500/510 call spreads when RUT pushed through 495. I don't like that trade, but I decided not to gamble. The fact that each was a small position made it easier to lock in the loss. The put portion of those iron condors had been bought in earlier.
2) Decided not to trade 13-week iron condors after the April options expired. That means no July positions for me – at least not at this time. With implied volatility (RVX, VIX) on the decline, I prefer to stay with the June positions I already own.
3) Is this double diagonal time? Those work best when IV is low. The big problem is knowing what the definition of low IV is these days. No immediate plans to open diagonal spreads, but they are on the radar.