It looks like seasonal September pull back is in play while market is waiting for Fed FOMC this Wednesday. S&P, Dow are in holding mode but NQ and RUT had a 1% down day. One factor is that money is rotating out for Alibaba IPO in tech sector. I didn't follow my plan of waiting for FED today. I saw a pop on SPY and sold 2 bear calls, 2015, 2020 to complete the 2nd leg of my Iron Condo. They may not hold if S&P push to a new high after Fed Wednesday. On the other hand my RUT 1120 bull puts entered last week are in danger after today's 1% drop to 1146.5. I will monitor the risks for the next two days.
Grains popped in small amounts today. I sold some couple calls and bought puts in soybean and corn. We may see some consolidation in next few days. I will exit some puts for this month's contracts before the weekend.
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