ES and SPX struggled in both directions today. They broken both overnight high and low and closed below 50 SMA. I guess we will see the real force of selling in the next few days since the quarter end window dressing is out of the way. I had credit spreads in both side but none got filled. I will get to sell it again further out tomorrow if we break down.
Grains went wild after USDA's grain stock report at 12pm but all settled to the downside. Corn made a new season low and it's at a 5 yr low now. Both soybean and wheat popped higher in the first hr after the report but failed to hold their gains. I made an emotional trade on wheat today. My plan was not to trade any grains in the first hr after the report. I bought a wheat 460 put to average my cost when I saw my position was underwater. My subconscious was telling me my rules but I went ahead placed the order anyway. Other than that I was pretty calm today. I am glad I exited bunch of bull puts and bought more puts yesterday. Otherwise I would have been worried possible margin calls today. Now I have more firing power when the opportunity present.
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