Market was up near last Friday's high overnight on Asia's up market. ES opened ready to challenge 1846.75 of last Dec 31's all time high. With a few ticks of overnight high it got sold off. It cut through overnight low, last Friday's closing (gap filled) and that day's low. I was not prepared to see all the levels failed and placed SIM trades in those levels, then got stopped out. I also sold a 1800 put to scalp for this week. It ended up about 50% too early. I thought it might be another 20 points down day and I was prepared to fill up my positions for the next two weeks. It didn't not go that far and buyers stepped in after lunch. The day ended with a V shaped motion. I guess the big guys just want to clear deck before take it to next levels. They don't like too many people join their party.
Grains had a quiet day except Soybean complex. The reported rain from Argentina sunk 36 points of Soybean. It is back into CHVA now. I tried to sell puts for this and next month. Only this month of 1200 filled for about 8% away. Is the three day rule going to apply? More than likely. I may be early again. Next time on the big moves I should wait for the dust settled to enter orders. I still have some day trading mentality with my swing set ups. Remember that monthly options are different than weeklies.
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