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December 23, 2013

Portfolio Update - 12/21/13

Lots of action in the market this week. SPX hit all time highs, VIX is back under 14 and the taper is finally here. We're not going to try to predict where the market's going but we'd expect a grind higher and volumes to  dip as we enter Christmas/New Years last 2 weeks of the year.
Our position in GOOG expired worthless and we kept full credit. AMZN is a very bullish looking chart:
amznIt was a bit difficult getting a fill as one trade so breaking up into 2 credit spreads (370/400 bull put and 400/430 bear call spreads) helped. However, breaking up Iron Bfly into 2 credit spreads can hurt overall position if the underlying stock starts to move against us. Here's our current P/L:
risk profileWe're going to let this trade simmer and if AMZN starts to move fast we'll make adjustments accordingly. Next week we'll look to sell some put spreads in the names that show relative strength (FB,GOOG,NFLX some on our watch list).