Market often throw a curve ball at us. It's up to us to observe, adapt to changes and act upon it. It looked like a down side action quickly changed after jobless claim report with a better than expected number. It started moving up even when Philly's number was worse than expected. I guess job number does carry heavier weight than regional Fed report. I didn't add anything to ES as I was expecting a pull back at overnight high and yesterday's mid. Apparently there were not much resistances at these levels. I didn't want to be too active since I was concerned my margin level at 70K and in case I had to act upon CL's report. To my surprise that CL inventory report didn't produce a volatile swing. I didn't get either call nor puts. CL is in a squeeze mode of 4h and 1h band. It's at last August's high which produced a big sell off on CL. This time it looks like it want to break out. Today, bulls and bears couldn't get an upper hand. I am ready to act on either directions. Of course I would like to see a break down into LVA. CL is into 6th up weeks already. There is no pull back insight yet. Partially it has to do with seasonality. We are in the up season until fall.
Grains are in consolidation while USDA is having a conference regarding estimate of next year's planting acreage. I tried sell Euro call and put for two days but no fill yet. Euro's options seam to move pretty slow with relatively low volume. I don't why CME claims it's highest traded FX Future options.
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