Bears took the market to another new low of the week in the AM. ES made a low of 1918. Buyers stepped in before noon and pushed it back to yesterday's lower range. It was a 20 point V shaped movement, a calculated low and high before tomorrow's NFP report. I got in two more bull puts in SPX for the next two week expiration on a high VIX note. It appears well timed by luck assuming today's strong low will hold. I also got another set of VIX 25 bear calls at the right time and place.
Grains had a follow through day. I was held back somewhat due to my near $50K margin balance. I only exited one Dec 530 wheat and bought another December 860 put. Soybean and corn closed at high of the day. Is it short covering or clear deck for next Friday's report? I will add more short positions before the report.
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