ES couldn't get back to yesterday's range from the get go. It was in a small range (less than 6pts) until 2:30 pm and the selling began. It touched 1882 and still held at LVA and Monday's range. It appears a HS forming in hourly chart. A bull flag is still in place on daily and weekly. I would start to sell some puts if there is a follow up selling tomorrow.
NG didn't provide a bounce today as I hoped for. It traded in yesterday's range. I was able to resist the urge to add more cars. I would wait after tomorrow's inventory report. CL had 0.9M inventory instead of -4M expected. The price is holding at Fib 62RT to the upside. The uptrend is in place. I had a $108 filled after hour yesterday. I will add $93 bull put on a pull back.
Wheat dropped near 20pts to $688. My scalp of $660 looks shaky now. I really forced this trade yesterday. It really shouldn't be traded as a scalp since there are almost 2 weeks to go. I didn't follow my rule. Corn went down 5pts too. I am OK with the assessment of bearish outlook. I would sell more bear calls on any decent pull back. But keep in mind there is a gap above 685. It's weather and news driven the grain market now. Soybean is holding its uptrend well although futures contract prices are lower for summer and fall months.
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