“Blame it on the black star. Blame it on the falling sky. Blame it on the satellite that beams me home”
One of the most underrated Radiohead songs.
The move up in the market on Friday was too much for my butterflies and I hit my conservative exits on both trades 4 and 5. Both suffered small losses of 0.7% and 0.9%. Today I entered 2 new trades below.
Trade 6 which is slightly bullish leaning in case we get more of a run-up in the coming weeks. Expiration is Dec 15.
Trade 7 is slightly bearish and has an expiration of Nov 30. I’m using much less capital on this one vs. trade 6.
Overall these positions are net neutral, with a very slight bullish bias.
It’s been a really tough environment over the last few months for these types of trades. Low volatility, steep skew and an unrelenting bullish market. I expect we will see some normalization in the market soon.