New MNX Double Diagonal

Well, isn't this run up exhilarating? That's a code word for "sucks for a delta neutral trader". I have most of my positions off (at a loss, mind you) and am still hanging onto a RUT multiple butterfly (if that's what you can call it after so many adjustments) and a SPX calendar at 980 (after several rolls up). Both are struggling to come back from the losses from the previous rolls, and both are still delta negative. The slight pause in the market has finally given me a day with a positive "P/L DAY" finally. Can you believe that RUT had a reasonable down day for the first time in over two weeks? (-0.9 points on 7/29 doesn't count)

MNX/NDX has had some minor form of consolidation the last five trading days, whereas SPX and RUT kept climbing. I took this so-called opportunity to place a new trade in MNX, a double diagonal. This trade is similar to last month's MNX and NDX double diagonals, but I'm hoping that this month is actually profitable. (NDX exited at -20%, MNX is clinging by a thread at -9% with hopes of clawing back to at least break even.)

Trade strategy is to exit with about $500 profit (9%) or roll the short strike to the next strike out if MNX goes past the short strike by 0.50. Simple trade, simple adjustments. Contingent GTC orders already resting.


I also tried getting into a RUT iron condor, 470-480-640-650, for $1.25 - $1.30 credit, as much as a nickel worse than mid price, but didn't get filled. Will try again tomorrow.