4/28/10 update
Previous position:
+1 150c/-2 155c/+1 160c
-1 150p/+1 145p/+1 140p
Net debit $0.85
GS bounces right back to around entry point at 157. Vol stays steady to slightly drifting down. The position probably needs an adjustment off the put ladder. The deltas are still relatively flat but given the move, may as well try to take some advantage and grow the position a bit.
Adjustment:
+1 160p/-2 155p/+1 145p 0.21 cr net
-1 155c/+1 160c 2.50cr net
The idea here is basically to add an atm fly (selling premium into falling IV) while still retaining the downside bias a bit for Sam. J
Net position:
+1 150c/-3 155c/+2 160c
+1 160p/-2 155p/-1 150p/+2 145p/+1 140p
Net credit: 1.86
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