The market was choppy the past five days with the SPX opening at 2050.42 and ending at 1994.99, down 55.43 or 2.7% for the week. The SPX is in negative territory for the year, but so far has managed to hold above the resistance level at 1988. All of the other major indices ended the month in the red as well. So much for the January Effect. Volatility has increased nicely with the VIX spiking above 20 during the last three trading sessions of the week.
No changes were made this week to the core portfolio. Although I had placed some orders to close out a couple of the SPX positions, I was never filled due to the expansion in volatility which helped to inflate the option prices. The core positions are all very high probability trades that are very far out of the money (greater than 1 standard deviation). They all still register a positive P&L despite the down move in the market.