Indices turned downward today. It appeared the pushing down was a inside day with a retest of Monday's HVN. Then the news came out in early afternoon that Russia increased its troops in Ukraine boarder. ES broke Monday and last Friday's lows. It closed below yesterday's low and right at daily Fib 38%. It's hanging on a thread. A Fib 50% RT is at 1889. I am glad that I took the stop of 1910 yesterday. Otherwise I would have to take a much bigger loss. Following rules have its reward.
Wheat had its fifth up day. I roll over 580 bull puts of this month to March 15, $550 at a 1:2 ratio. Also sold 2 bear calls for Oct and Nov based on seasonality. Corn and SB had minor downward skew. Weather forecast for next 2 weeks is favorable to grain growth which put more pressure on grains prices. Trades start to setting up for USDA report on 8-12. I will plan for position adjustments. More rollover may be needed.
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