I opened RUT JUN 600/610Put – 790/800Call BMIC for a credit of $1.45 with 52 days to expiry.
The delta of the short 610 PUT is .07 and the delta of the short 790 call is .09. I opened this position after going through Dan Sheridan’s Iron Condor strategy. The shorts are about 8-9 strikes OTM.
15/5/08. – I adjusted the 600/610P to 650/660P to harvest more premium. Initial credit for the 600/610P was +0.35. Bought it back for -0.13 and sold the 650/660P for +0.65. The new net credit for the Put leg is +0.87.
I also adjusted the 790/800C to 800/810C. Initial credit for the 790/800C was +0.55. Bought it back for -1.08 and sold the 800/810C for +0.62. The new net credit for the Call leg is +0.09
The initial credit for the 600/610/790/800 IC was +0.90. The credit for the 650/600/800/810 IC is +0.98. Not much gain in the premium, however, the stock price at 736.07 was getting close to the 790/800C leg.
