ES made a new high of 1909 after this Memorial weekend. So much for "sell in May and go away". The Fib 23.7 target is projected at 1922. I tried couple of bear calls for two weeks out but no fill. My sense is that it will go up again to establish a new balance area. I don't need to rush. I should wait it reach 1920-1925 area to sell calls. Another possibility is the new high get another sell off as we have seen this year. It it happens again I will sell puts which I like better. I tried credit spreads in SPY, RUT and IWM bear calls but none of them got filled. I will try again if the market get up again tomorrow. My plan is to make legged in Iron Condo.
Grains came down today. Wheat is near BBD/low and Fib 62.8% of 428. My position of $425 and 420 are in dangers now. I am waiting for it to get 428-425 to add. Corn looks bearish too, but I have most of bear calls. Unlike wheat I recognized corn's down trend and formed a right strategy. I didn't expect wheat came down that much after the drought and bad weather pushed the price up so much. I was caught on its up thrust and now on the down fall too. I need to watch my risk and remember grains' trending much longer. I closed a wheat long and a corn long but no sale today. I am OK with it.
I had no trade in energy today. NG popped 1.5% but didn't fill my order. CL dropped less than 1% but no fill either. I am dealing with longer holding time in commodities so I need to be more patience and have a longer term view.
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