Equities maintained upward posture despite IBM's poor earning report. ES had a 26 point range. VIX came down filled most of my exit orders. I am fairly safe in this front now. It was a lesson learned on volatility. It can jump quickly and put you positions deeply underwater. In order to trade VIX well one must be patiently waiting for a surge of several days before getting in. I waited in later September which helped some. Last week's sell off threatened me with a big loss. I was lucky to ride it out but violated my rules of stop loss. I listened to Options Boot Camp podcast again this weekend. I should trade less VIX. I still have couple of SPX bull put spreads at risk. I will try to exit them in next 2 days as SPX approaching Fib 62RT now.
Grains went down after Sunday night open. Some of my stop loss and profit taking orders got filled before noon. Grains recovered most of losses after export report and opened high this evening with the harvest progress report. I felt lost in grains directions and frustrated today. The retest low or a new low have not materialized since the WASDE report while I let my puts profit slipped away. I need to step back and reevaluate the trends and my approach to grain market. My head is not clear now.
I am going to try to make my daily hypotheses and plan in the morning instead of prior night starting tomorrow. It may give me a refreshed look at the market and may be better memory and discipline too.
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