Rolled MA May Put Spreads Down & Out to June

6/11/12
Taking the money and running with this one.  Not going to let any more news (good or bad) affect the outcome of this trade.

Trade:
BTC MA June 12 390/385 put spreads for ($0.41-$0.26) x 100 x 5 spreads = $75 paid vs. $430 received = $355 profit
BTC MA June 12 450/455 call spreads for ($0.17-$0.09) x 100 x 5 spreads = $40 paid vs. $380 received = $340 profit

6/5/12

Similar to the CF post, always good to take a look at multiple time frames to support or refute your trade thesis.  This long-term channel is why I'm holding these spreads, even though they've been tested.

5/15/12
Lots of market weakness lately.  Every rip is being shorted, and any bounce is short lived.  Took this opportunity today to roll the Mastercard (MA) credit put spreads I had opened in this post down and out to June.  Also sold bear call spreads to create and iron condor and help pay for the roll.  I tend to prefer selling put option spreads versus call spreads or iron condors, but I see the risk being more to the downside than the upside in the coming months.

Based the entries off of the setups mentioned in this post.  Note that the same amount of margin is being used for the June spreads.  Even though this is an iron condor, I try to manage the two sides as two separate trades.

Trade:
Sold MA June 12 390/385 put spreads for ($4.88-$4.02) x 100 x 5 spreads = $430 premium received
Sold MA June 12 450/455 call spreads for ($2.96-$2.20) x 100 x 5 spreads = $380 premium received
Total credit for the spread is $810.