Grains look hopelessly in bear territory. Wheat and corn took a breather today but soybean continued its down thrust for another 10 points. My August positions are ITM now. It's decision time before Friday's USDA report. I will review and reaffirm my risk control procedures tomorrow. I may have to take a hit in wheat again this month.
ES had a 17 points down day only pulled back some in the afternoon. It's the 2nd down day. Would we see a third one? We have had most 2 down days since May. I sold couple of bull puts for 2 & 3 weeks out. I want to reserve enough margin for my grain positions. I tried VIX and indices bear calls but no fill.
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