Today, I decided to close three of the offending positions entirely for small losses and wait. Sometimes when you're confused or perplexed, that is the right course of action. Keep it simple, stupid.
I've kept the open calendar spreads on. As the rally continues, volatility similarly continues to shrink. In fact, volatility (as measured by the VIX) is at yearly lows. Shrinking volatility has been good for Butterfly spreads and Iron Condors. However, with the market continuing to head seemingly forever higher, the odds favor the market taking a breather. And if the market should choose to make a significant retracement, this could result in a pop in volatility. This would be good for calendar spreads.
For the remainder of this month, I'm examining whether to just stay with the calendar spreads (gaining theta, and long Vega). The odds would seem to be in favor of this. Of course, I can still be wrong and have a chance to make money.
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