Grains turned around pushing back from they get go on dust storm, poor rating for wheat and strong demand on soybean. May corn is up 7 1/4, soybean up 26.5 and wheat up 18. Wheat is up to challenging last week's high. It closed at the day's high and appeared ready to pop. I sold one 680 for $15.5 at Fib 78 RT in an attempt of rescuing my position on Friday's expiration. I added another 19.25 at closing in hope of time decay for the next 3 days. It looks like it may not work if it pop through $7.00. I have over traded and built a large position of $680 (5 cars). I was thinking to wait to tomorrow to see if wheat would pop or retreat. I may have to start to scale out with losses and add back if wheat pops up in the next two days. It may get to a new balanced area. I also sold a 7.30 for a scalp. Soybean closed at 14.18 and also threat my 1430 calls. It's only a stone throw away now.
Equities continued their upward positioning for FOMC tomorrow. I didn't get in any position for ES and would like to wait after FOMC to get a clear directions. I am fairly positioned for this week in ES front. I will work on next two weeks after tomorrow.
CL had a strong up day and back above $99. Tomorrow's inventory report will give a better sense of the market. The seasonality is up from spring to summer. My 106 bear call and 95 bull put expired today giving me another 100% profits.
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