ES closed strong although it formed another lower low and lower high. Bulls took it to HOD at closing. The up trend may resume if we get another up day to break 2003. I didn't have any fill in ES but sold a bear call of SPX at 2035.
Grains are still hopelessly in the down trend. Production numbers are getting better each time but demands are not been taken into consideration. I bought more puts for each grains toady in anticipation of another leg down after USDA's WASDE report. I have a bull puts of 410 in wheat need to be out before the report. I raised my exit price twice but didn't get fill today. Wheat continued to make new contract lows. Another unlikely scenario is that we may see a pop after the report if we get a high estimate in demand. I will continue to fade it but wait after the dust settled.
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