Friday, November 28, 2014

Black Friday 11-28-14

Futures markets open for a half day on this holiday. I didn't expect much of anything happening. So I didn't write a plan except I had ideas of sell bull puts in indices and watch for grains prices to see if any new developments. Well, I was wrong again. Expect unexpected although it doesn't happen all the time.

Indices futures started a mini sell off 2 hr before closing. RUT ended down 1.5%. SPX pulled back some at closing but it breached last two days' lows. We may see a pull back next week. I had a Dec 18 1950 bull puts filled unexpectedly at $315 today. I had a 1955 filled yesterday which I didn't know about. The platform didn't show it nor popped a notice yesterday. I need to take one out next week with b/o or better if I can. I ended up sold a RUT Dec 24 bull put naked and rolled up SPX bull put to 1830 to lock in more profit. 

Grains had wild move today. I think it was Dec contracts' first notice related. Trades had to move out their Dec positions before get assigned. Soybean popped and then dropped 3%. Corn also tested both side of yesterday's range but closed only down 2c. It's more of a doji bar. Wheat broke out to the upside reaching its Fib 23% target from the last up swing on daily or hit Fib 62 RT from below on weekly. It closed up 2.8% after retest yesterday's range. The breakout may be US cold weather related. News from other major wheat producing countries were bearish. I will keep a close eyes on it next week. I roll up couple wheat bear calls from Jan to Feb since they were at 3X losses and locked in profit for a bull put Mar 550. I also closed puts in corn and soybean as my stop loss+reversal orders got hit. I need to make a habit of checking my pending orders each morning. 


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