The market drifted below yesterday's low overnight. I thought it was forming a head and shoulder considering Google and Microsoft was hammered after their earning reports. S&P chopped most of the day as expected on an options expiration Friday. It started pushing up in the last two hours and closed to a new high of 1690.
I had a call sale filled after cash closing for August 2, 1725. It's two week away and may be endanger if the market act relentlessly pushing up like in mid May. I will manage the risk next week.
I have only one scalp of ES options this week. Missed a 1695 call sale yesterday considering it was too risky. There was not a decent pull back this week for me to get in a put. Well, I didn't force any trade and only to wait for what market would give to me. Better be safe than sorry.
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