Indices had a nose dive overnight on Portugal's banking trouble. ES surprisingly had strong buyers and closed a 16 point gap. I got in couple of August 1 bull puts at 1850 and 1860.
Grains are still controlled by bears even in the day before USDA report. There is no sign of short covering. I didn't get any exit but had 2 add on for August soybeans. No directional put filled either. My plan is to exit some add on before or during the report volatility. If the market goes down without any two way exploring like last month's report I will be further underwater. What is my plan for the worst case scenario? Buy more directional puts?
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