NFP 11-7-14

My plan:

Indices drifted higher overnight. US NFP came out at 8:30 at 214 v.s. 235 expected. There wasn't a strong reaction to either side. ES is moving back to yesterday's high before open. It's not likely we will see a big new high drive nor a big drop. Will we see the same pattern of last few days? I will sell bull puts and credit spread on any meaningful pull back. Also try to roll up my bear calls.

Grains stayed in prior day's range except wheat down 5 point. Trades expected to re-position today before USDA report on Monday. I will try to buy a call and put for soybean to hedge. I have directional options in corn and wheat already.

The play:

ES/SPX had a small range (11 points) with the same pattern of sell early and push up later. It couldn't retest the new high made after NFP report before open. Today's closing was pushed back to yesterday's high. It's a Doji again. There was no sell off even with a below expectation NFP report. We may see some pull back next week? I didn't have any trade in indices.

Grains held well before the USDA report. Maybe don't expect a very bearish report? Demand for soybean and corn have been strong. Cash prices are improving according to Grain TV. My corn put/call positions are balanced for now. There are more bear calls in wheat but my March 550, 540 bull puts are deeply underwater. My soybean is underwater in bear calls. I tried to rollover but no fill for last couple days. I will review my position and develop a plan for USDA Report over the weekend.

Quote of the Day: Be patient, life will offer you another chance as soon as you find calm within, for abundance is born out of calmness. @The GodLight