ES made a new high in the morning and broke last two days low in the afternoon. It was similar to yesterday's pattern and buyers stepped in to take it back to prior day's range in the last hour. It's a tug war now. I made a strangle of 1890 and 1940 for Sept 30. Need to watch my risk as volatility is increasing.
Grains sold off for 2nd day. The three majors made new contract lows. I scaled out one put in each contract with 35-100% returns. However they are not significant comparing with my underwater positions. I will add more puts on any pull backs. Grains popped 0.5-1.6% tonight. I may get a chance to fade them tomorrow. Traders are positioning for next Thursday's USDA WASDE Report. Are we going to be in a choppy period until then?
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