News of Syria's chemical warfare drove the markets down overnight. There was a 17 point gap for ES at open. On top of the Syria situation, the end of QE 3 and fed debit ceiling are putting pressures on the market. I expected ES would have about 22 point range this am. It ended up reaching 26 and closed at Fib 50 RT area. There has not been a big bounce at this Fib 50 level. The next one will be Fib 62 RT at 1610 area with a weekly trend line. I need to plan my ES potion sells of next two weeks accordingly. Try to stay as far OTM as possible. I didn't have any fills for next two weeks except a small scalp of 1590 for this week.
My IWM put option reached target of 150% and recovered yesterday's early exit. I missed SPY's pull back today and entered a call at Fib 50 RT. I may exit this out tomorrow and wait for 62% level to try again. I need to exit MSFT at a bounce and re-evaluate it since it's falling back into the gap zone. The GE call is hopeless now. I need to stop blindly follow Joe's option twitters. Be selective and use my judgment.
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