My plan:
Futures raised up overnight during European session. It looks like a gap up open again. I will manage my risk and not establish any new positions in indices before tomorrow's FOMC.
Grains were up overnight also. Soybean and wheat are pulling back after open to test prior day's highs. Corn has a bigger gap to fill. I looked at 2009's charts and plan to play the uptrend of Nov, Dec. I will manage my risk of bear calls for these months.
ES/SPX had a slow morning and strong afternoon with another 1% gain. RUT was even stronger with 3+% gain. All of my bear calls expiring this week are near the money and underwater now. It seams that market is expecting a positive outcome and don't mind of the end of QE 3. Is it possible the pros are setting up another sell off? It's possible but unlikely base on the seasonality. I tried to exit my bear call positions in hope of beak even or with small profit but indices never looked back. I will have to get ready to take losses tomorrow not waiting after FOMC. Most of my losses in indices have been bear calls since 2013. I have not learned enough of waiting for a good level to enter. I must change this bad habit of jumping in without much patience.
Grains went up higher overnight but came back closed their gaps during RTH. They all closed around yesterday's high. It looks like the up trend will continue. I bought couple calls for wheat and puts for corn of this month. I may buy soybean calls tomorrow on a pull back.
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