Matt's Trade Log - 8/29/08

What a lousy week it's been. So much churn in the market has really taken a toll on my position that as of Wednesday looked like I would be posting a pretty solid gain for August. Instead, unless there is a massive rally on Tuesday, it looks like we'll be showing a net loss for August.

Today's trades:

• Sell 2 SPY OCT08 120/125 vertical put spread
• Sell 5 RIG OCT08 115/120 vertical put spread
• Sell 5 AAPL OCT08 155/160 vertical put spread

With the market continuing down it seemed a good time to leg in on the low side of some possible iron condor positions for October. There's simply too little time left in September options to make a reasonable return selling premium there anymore. Each of these trades was structured looking at charts and identifying apparent support points, and trying to sell the spreads at or outside the support points. Hopefully support will remain strong enough for these positions as we move toward October.