It was a none event day for equities market. ES had a 6.5 point range. It's only a half of its norm. No major news come from Ukraine front. ES stayed on the upper part of yesterday. It appears it's building energy for another push or waiting for tomorrow's Fed beige book and Friday's job report.
CL had a 2.3% drop to previous balance area of $102-100 after it's inventory report. I finally caught a break. I exit half of my $105 calls and added a May put sale of $91 as a hedge. The seasonal trend is long going to spring and summer. The inventory report came out higher than expected. The sell off was slow but persistent.
Grains are holding up well despite China cancelled 200K ton of Soybeans. Soybean sold off initially but later recovered with new export information. Soybean is over bought in technical terms. Its RSIs are at 80s bother daily and weekly. I still have to prepare for another pop. Corn and wheat are holding up as well.
I need to work on allocating funds for each contract type. I have been just reacting to the market and trying to rescue my positions. I ignored allocation and diversification with disciplines.
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