Friday, May 23, 2014

Moving Up 5-22-14

ES continued moving up in its up channel. I am not sure if it will break up to a new high since tomorrow is Friday and followed with Memorial long weekend. I didn't have any fill in ES. I am waiting for a extreme push up or drop down to sell calls or puts.

Wheat dropped to a new low and touched CHVN of $654. It closed around $660 and put my $660 under water again. I will have to exit out or roll over since tomorrow is expiration day. I was out to airport to pick up June so I missed the actions between 11AM to 1:30PM. Soybean had a follow through push up. I had to add one to 1620 at 2X. It's trading around 1516 and I have 100 point and one month to work with. Corn stays in a small range and I don't have a good reason to trade it for now.

NG's inventory report came out higher than expected. It dropped 2.5% today and closed around 4.38. I will try to get out my 4.3 put tomorrow if the bear flag doesn't break down before the weekend. No actions in CL today. It's in an up trend channel.

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