I didn't expect SPX to have another sell off after last Friday's V shaped rejection of lows. It was a perfect IHS pattern even at the closing of yesterday. Today's sell off in the last hour clearly negated this IHS formation. Now it is more like a symmetry or HS near completion. Is it coming back to retest last week's low and b/o area or resumed selling? We will see it in the next couple of days. RUT looks like ready to make a new low since it closed at last week's low. Two of my RUT bull puts got filled for Oct week 5. Yesterday's misfired RUT Oct wk 4 looks troublesome now. I need to get ride off it soon. I have a dermatologist appointment tomorrow. I should be able to come back before Fed Minute release.
Grains had another big green day today. It looks more than a clear deck now. The driving factors quoted were wet weather delayed harvesting and short covering. Wheat had the strongest up move and I have more puts under water than any other grains now. I will exit the dead ones and hold the rest until this Friday after USDA reports.
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