T.J. 8-15-13 Bam!

Big drop happened overnight cutting through 1680 and 1671 support levels and opened gap down this AM. I expected a follow through drop last night but didn't anticipated that two major support levels were cut overnight leaving many traders holding their bags I guess. Most of my ES put positions were under water immediately. I was able to exit most of my 1645 position with a small profit since this position had a much better entry price. Although it was a force trade last week as I remembered. Lesson: I often have to pay a dear price for a forced or boredom trade especially with emotions such as fear of missing, etc.

I added two small FOTM puts at 1635 and 1615 in preparing for take a loss of my 1650 scalp. That one is in danger of being assigned since ES is less than 10 point away from it. My stop out rules really need to be enforced.