Is It Coming?

Is the much talked correction of last several month finally coming? ES opened up for the first two hours. I thought the week was starting to challenge last Dec 31's high. It started to sell off at noon. It ended up with a 20 points down day. I had a hitch of 20 points when it was at 12 points. But my 1775 of Jan 24 put sell got filled already. ES is at low of current balance area. We will see in the next couple days if the balance low would hold like last Nov and Dec. Patent tends to repeat itself. ES touched Fib 38% RT today. The next area is Fib 50 and 62% RT (1799-1788) with 50 SMA in between. Be ready to take stops and get into further OTM levels of low 1700.

CL retested last week's low and seamed holding it so far. There are conflicting forces affecting crude oil prices. A deal with Iran may lift the sanction and increase oil supply and a conflict in Iraq may affect the supply of oil. I will have to take stop if the price go down and breach the last low. I will enter further OTM to recover the loss.

Grains held last Friday's level except Soybean which jumped 20 points to retest last Friday's high. It's either double top or break out. My this month's SB put position is paying off.

Now, risk control and management are my priority. Luckily I had a dermatologist's appointment this afternoon. It might have prevented me to enter more orders prematurely. We may see more selling days to come.