Position Review: XLF, still moving sideway

My June options strangle for XLF is underwater. I have violated my own rule and didn't dump it when the total premium dipped below my stop at \$0.50. The 12 Put/13 Call premium is now worth \$0.15/\$0.095 = \$0.20. This is a loss of \$132 + \$30 comission if I were to close the position now. Frankly, I haven't been watching over this position this week as much as I used to because of work.

There is only one logical reason for me to be still holding on to this. As you can see from Figure 1, the daily chart to the right illustrates a coiling price action over the past couple of weeks. The overall market looks similar to this chart of XLF.

All the writing is on the wall now for a breakout, the million dollar question though, is when? This lack of action could very well drag on for days more. With option expiration just next week, this position is looking like it will expire worthless (more slap on the hand for not ditching when it hit stop).

[caption id="attachment_1510" align="aligncenter" width="500" caption="Financial SPDR ETF"][Financial SPDR ETF][][/caption]

[Financial SPDR ETF]: http://traderpau.files.wordpress.com/2009/06/2009-06-12-xlf.png