Grains bounced up today with some strength. Soybean was up almost 3% and corn at 2%. Both of them closed at high of the day. Wheat was up too but closed with a pull back. There were some wet and cold weather conditions over the weekend. Technically I think it was the pros getting ready for this Friday's WASDE and Production Progress report. They are cleaning the deck to make room for next push down.
I took this chance to exit out 2 Jan SB and 1 Dec wheat bull puts based on my general plan. I also sold bear calls for all three grains. My hedging positions are now more than my bull puts. I will consider to lock in some profit of my Dec puts in case a surprising market reaction after Friday's report. One concern is that I don't have any bullish positions in corn.
Indices were slightly down but remained in last Friday's range. They are in a consolidation mode. I filled one Iron Condo 2nd leg in my personal acct. The long term up trend is intact. However, the Sept-Oct down trend in SPX and RUT are not reversed yet. I will watch them carefully in next few days.
I made two stupid order entry mistakes today. I don't remember when was the last time I made two similar error in one day. I entered a RUT put spread with 2 levels spread instead of my standard 1 level. It doubled my risk and reduced my return %. I tried to exit it out today but no fill. I will try again tomorrow. Another one was the exit of soybean Jan 960. I didn't look at the price clearly and released it. It got filled with market. This one costed at least $50. I need to have a better procedure and routine for order placement.
No comments:
Post a Comment