My plan:
Indices futures fall 0.1-0.3% overnight pulling down by European markets. US market opened with some responsive buyers but the gap for ES/SPX have not been closed. ES has resistance at 2033, 2036 to 38, support at 2027 overnight low, 2022 and 2015 of a far reach. I will try to sell ES/SPX bull puts naked and spreads. The upward march continues and be patience.
Grains have been rallying overnight and after open. Wheat is leading with a 3% move, corn at 2% so far and soybean at 1% staying above last week's high of 1060. I don't know what is causing the rally, the pattern is similar to Oct's USDA report. I plan to exit and roll over my bear calls.
My play:
ES/SPX played the same pattern of early selling and later pop. My first support of 2027 was hit in the first hour. I had bull put spreads expecting of further p/b which didn't happen. Instead I rolled up my SPX and RUT bull puts to lock in some profit and collect some more premiums. I also rolled up my SPX 2070 bear calls to 2100 to avoid further loss and get into a higher position for a partial recovery. I will try again to roll up my RUT 1230. Rut cleared its Sept resistance of 1185 and ready to challenge 1200 next.
Grains surged this morning. Wheat had more than 3% upside, Soybean had over 40 handles range only to be sold back to 1050s. Corn held its up trend despite some selling. Most of my bear calls are further underwater now. The losses continue. I roll over a wheat and a soybean bear calls today. There are more to do if the uptrend continues. I also locked in profits for a soybean bull puts. I made another error of closing a bull put thinking it was a short put. I am still stressed.
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