Theta

The market is chopping around again, down 8 at 4270 and it's 12.25 pm. NAB is up 6 cents to 2400, but it's moving too slowly to counteract the time decay – or theta – on my option positions. PXS has had more good news about Bronchitol, this time with EU processes, and the stock has sustained a rise of 11 to 127.5.

BPT is a touch lower and I remain slightly concerned. I added to the AGO short at better levels – 306.5 average – soon after the open. The selling came back and it's now trading at 298.

12.49 I'm going to be out for much of the afternoon and I'm too uncomfortable with BPT so have sold at 148.5 (v 152) for a small loss.

3.58 Damn, I should have waited for the close or my original stop in BPT. It's recovering nicely. Apart from that, it has been a good day and NAB pushed higher so that the options are starting to perform now.

The biotech stocks are performing well and I've added a third sectoral long in MSB. I'm looking for a move above the recent swing high after a retracement. I'm long at 730 but not for too many since my stop is around 685. The upside is good though, a 5th wave move could get to 850.

4.11 There was a large portfolio on the close. I was the beneficiary in AGO which closed at 293 but watched frustrated as BPT gapped up to finish at 156.5. If I'm lucky I might get another opportunity to get some on Monday morning.

The Asx 200 finished with a loss of just under 2 points at 4276.