Sunday, July 5, 2015

Daily Action Plan

Monday, 06 July 2015
With the "NO" vote from Greece referendum, today's market may be very volatile.  I might look for opportunity to sell option with the fear/volatility in the market than to buy/close on panic.
With the expectation/fear on more downside than upside in the equity market, the focus will be more on selling September options than to take action on the August position.  After all, if it is a down move, no action required on the August position.

K200 closed at 254.66 -0.84 (-0.33%) on Jul03.
1. August 262.5/265 Call Spread
- DTE 39 days
- Delta 24.5 (2 points up move will hit above Delta 30, <6 points away)
- Loss 130% (2 points up move will probably hit > 200%)
- 7.84 points away
- 256 (MA200 at 255.92) could be a resistance but not that strong, the stronger resistance is at 260 (Fibo 38.20%) is just 2.5 points away.  That is too close for comfort
- Action : 2 points up move will hit both Delta and Loss% guideline but not DTE.  Cut loss or not?  To roll or not?  To roll up will mean enter position with DTE 39 (failed my minimum DTE=42 requirement).

2. August 235/232.5 Put Spread
Unrealized profit : 51%
Delta :6.78
- Action : take profit when target profit 70% hit

3. September position
- DTE 67 days
- 1SD (272.03/237.29)
- Action : accumulate if Entry guidelines met

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