Thursday, May 29, 2014

Grinding Up 5-28-14

ES tested yesterday's range early today and grind up to 1913 before a small sell off at closing. It looks like the market is holding up well. Tomorrow's GDP and unemployment report may give it a better direction. I had no fill on any of my bear calls.

Grains had another down day after USDA crop progress report yesterday afternoon. But grains staged a later push up to day's highs. It looks like the sellers are taking a break. Wheat is filling in LVA of 632 - 648. I had a bear call of 755 for August filled. I will add more bear calls on wheat and corn when they bounce. I was waiting for wheat to test Fib 62 weekly to add on bull puts but it has not reached it yet.

CL had a 1.3% pull back today. I am waiting for tomorrow's CL and NG inventory report to get a better sense of direction before adding anything.

I have been patience today and deserve a pad on my back. Making progress in changing mind set and habit.

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