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January 11th, 2010 at 10:43 am
Judah, yeah, these slow moves are great for short strangles. While we are even on the RUT Feb 680 short calls, the Feb 480 putters are down to $0.5 (a win there). As the run up has been relentless, I was looking in the weekend to see which strikes that I can roll to, besides the 520-540 we talked about last week, and came up with 560, which is 10% down. I also know that when we capitulate on the bearish position is when the market turns down usually, so when in doubt roll half is a good rule of thumb.
Looking to shift the PUT vertical to 590/580 for $1 (currently $1.1), to protect the 560 putters.