ES made another high over 2000. It reached to 2002 then got pushed down but in a small range. Bulls are in firm control and bought every dip. RUT had an impressive gain. It looks like playing a catch up as ES and NQ making new highs. My bear call of RUT 1180, 1185 of this week are threatened now as RUT close at 1175.2 today. I may have to take them out if we get another push up tomorrow. RUT is a little over Fib 62 RT now. I had two more RUT bear call credit spread filled further out at 1205 and 1215. I will try to make them Iron Condo on a pull back.
Grains opened low today. SB made a new contract low of 1020. Both corn and wheat tested their multiple bottoms and bounced before closing. The thought of a later bounce did cross my mind earlier. I sold some bear calls on soybean and bought puts in wheat and soybean too. Are these bottom testing indicating a short term trend change or consolidation? According to the seasonality it's a consolidation period until later September. I need to be more patience. Waiting for another catalyst, such as August's Crop report on September 2nd.
No comments:
Post a Comment