ECB surprised many people, including me with a deep interest rate cut and other stimulus programs today. Equity market went wild after the announcement. It started with pop, sell off and push to new high. However, Euro recovered all losses and closed at its season high. ES reached 1941 and closed with a bull flag. My bear calls are under water now. I will start to add on to my positions if we have a gap up or push up tomorrow. I entered two more RUT bear spread and waiting for a pull back to make them iron condo if I get the chance.
On the other hand, grains continued to drop. I didn't get any read on today's export report due to a doctor's appointment. My July wheat and corn are deeply underwater now. I may start rollover two month out next week. Both wheat and corn are near their Fib 78 now. I forgot my last lesson of the bigger, longer trend of grains.
NG's inventory report was higher than expected but price went up. I still don't have a good understanding of the NG market yet.
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