*****UPDATE***** 8/2/2012

WELL OUR ORDER TO CLOSE GOT CLOSE, BUT NO CIGAR TODAY!

WE DECIDED TO LEAVE THE TRADE OPEN BASED ON THE WEAK RETRACE UP IN THE SPX END OF DAY TODAY.

SPX 1350 FRIDAY IS STILL OUR TARGET, AND IF THAT HAPPENS TOMORROW OUR TRADE WILL YIELD A RESULT OF $30 CREDIT SALE ON A DEBIT TRADE OF 4.70 FOR MAX GAINS OF 538.3% AT SPX 1350 LEVEL.

IT IS NOT NECESSARILY EASY TO IMAGINE THOSE GAINS TOMORROW IN THIS CRAZY MARKET AS OF LATE. ALTHOUGH ONCE AGAIN OUR PROFIT LEVELS ARE ROUNDABOUT 1325 THRU 1375 TOMORROW, WITH TOTAL LOSSES BELOW 1320 AND ABOVE 1380.

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****UPDATE***** 8/2/2012

ORDER IN SELL TO CLOSE LIMIT@ 20.00CREDIT, REMEMBER WE BOUGHT THIS BUTTERFLY @4.70 DEBIT.

THIS IS STARTING AS A HIGHBALL ORDER AS ITS SITTING NEAR 13.00 CREDIT RIGHT NOW. IT MAY SEEM FAR BUT IF THE SPX DIPS ANOTHER 8-12 POINTS THIS AFTERNOON, THE 20.00 CREDIT CLOSE WILL EXECUTE.

WE MAY ADJUST THE CREDIT DOWN LATER IN THE DAY OR HOLD OVERNIGHT. WILL LET YOU KNOW ANY FURTHER ACTION.

You are entering a butterfly.
Leg Action Contracts Option Description Price Duration
Leg 1 Sell to Close 1 SPXW Put SPXW Aug 03 2012 1320.00 Put Credit 20.00 Day Order
Leg 2 Buy to Close 2 SPXW Put SPXW Aug 03 2012 1350.00 Put
Leg 3 Sell to Close 1 SPXW Put SPXW Aug 03 2012 1380.00 Put
Est. Trade Value: $2,000.00
Est. Commission: $7.55
Net Cash Result: $1,992.24
Quote SPX   1,363.29   -12.03 Bid 1,362.95 Ask 1,363.62 Volume 0
SPXW AUG 03 2012 1320.00 PUT
SPXW AUG 03 2012 1350.00 PUT
SPXW AUG 03 2012 1380.00 PUT
Bid 0.15 2.90 18.40
Ask 0.35 3.20 19.30
Last 0.25 3.00 18.75
Change -0.30[-54.55%] 0.50[20.00%] 5.05[36.86%]
Volume 180 11,956 231
Delta -0.03 -0.28 -0.76
Open Int 8,672 16,227 2,361
Desc SPXW Aug 03 2012 1320.00 Put SPXW Aug 03 2012 1350.00 Put SPXW Aug 03 2012 1380.00 Put
Net Quote
Bid (natural)
12.15credit
Mid
13.00credit
Ask
13.85credit

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PROFIT AREA NEXT WEEK IS SPX ANYWHERE BETWEEN 1324.70 AND 1375.30

MAX PROFIT AT 1350 IS FINAL VALUE OF 30 FOR A SPREAD THAT COST 4.70

TRADE HAS ALREADY EXECUTED IN OUR ACCOUNT

You have entered a butterfly.
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 1 SPXW Put SPXW Aug 03 2012 1320.00 Put Debit 4.70 Day Order
Leg 2 Sell to Open 2 SPXW Put SPXW Aug 03 2012 1350.00 Put Debit 4.70 Day Order
Leg 3 Buy to Open 1 SPXW Put SPXW Aug 03 2012 1380.00 Put Debit 4.70 Day Order
Quote SPX   1,385.99   25.97 Bid 1,385.75 Ask 1,386.23 Volume 0
SPXW AUG 03 2012 1320.00 PUT
SPXW AUG 03 2012 1350.00 PUT
SPXW AUG 03 2012 1380.00 PUT
Bid 0.90 2.60 8.80
Ask 1.05 2.75 9.40
Last 0.95 2.85 9.50
Change -2.40[-71.64%] -6.65[-70.00%] -15.25[-61.62%]
Volume 1,054 5,057 208
Delta -0.08 -0.22 -0.44
Open Int 6,904 6,200 60
Desc SPXW Aug 03 2012 1320.00 Put SPXW Aug 03 2012 1350.00 Put SPXW Aug 03 2012 1380.00 Put
Net Quote
Bid
4.20debit
Mid
4.72debit
Ask (natural)
5.25debit
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