Grains broken down after yesterday's upbeat grain progress report. All three major made their contract new lows. Wheat and corn lost 3% and 2.6% respectively. Soybean recovered partially in the last hour. This downward move put more pressure on my rollover bull puts. So far, I have $1.1K paper loss in wheat, $4K in soybean. I have some bear calls and puts to offset but they are not even in a 1:2 ratio. Luckily I didn't place any bull puts in corn and I did right in part that I didn't enter any bull puts before Dec options for wheat and sb based on seasonal. I will continue to roll over my positions further out and fade any pops for contract before Dec expiration.
ES broke its drop and pop pattern and closed lower today. Today's new high and rejection made a shooting star bar. It could be a sign of topping and reversal. I didn't have any fills in ES today. I will be more patient going into Sept since it's considered the worst performing month in stock market seasonality.
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