Options Update 12/08/05

Yesterday, I closed out the call side of my RUT iron condor spreads. My short calls started at a strike of 700 and the current price is about 686. I learned a long time ago to take some profit off the table to take away event risk. The general rule is take half of your positions off when you've reached 80% profit point. I closed out all of the call side of my options with a profit of $100 per contract because it's so close to the 700 strike. Now I'm just waiting to see what happens in the next week with the S&P 100. I have Iron condors with the XEO as well with my short call spreads at 580/585. Right now the market is trading sideways...hovering around it's highs for the year. The current price of XEO is 574.49. I think it'll stay below the 580 strike because i think the market is overbought and it looks like it's having trouble breaking into new highs. We'll have to wait and see next week...

Since my last forex post, i've made about 10 trades...i'll update and talk about those trades in my next post.