The October M3s got crushed today. The little bit of catch-up we had since Aug 24 has been brought back down for the time being. To give an idea, on Sep 21st, the trades were up about 4% and now they’re up about 1% ish.
I mean, given that this occurred about 17 DTE (close to expiry) and we moved nearly 100 points (9%) in 6 trading days. I guess it’s not a bad result. It’s just frustrating as I had made some headway with the Aug 24 crash that drew me down and the protector is doing awful during the last few weeks.
I think I have to move to farther out M3s and close ’em before 21 DTE as I’ve mentioned before.
As for what we can hope for re the Oct trades, well, managed well, we can close them at target but it’ll take some market cooperation. It was a pretty bad day but I adjusted well I think. However, I do have some upside gamma trend issues if a bounce is >2% which I need to fix tomorrow.