I missed my morning plan again after attending FT's Trader Bite. I think my habit of sleeping late may have caused my lack of discipline and concentration.
Indices opened in drive up mode. ES and NQ tested yesterday's high by lunch. Then the rollover started by early afternoon. I thought they were just come back to retest the "crime scene" of break out area which happens often although not in the same day. ES pushed to overnight low right after cash close. Today's 24 point price action is like a reverse of reversal. It wiped out the entire gains. It remind me the pattern of last November's sell off. We may have a more volatile market near term with the turmoil of cruse oil price and more bad news from Greece any time. I will close out 1-2 bull puts tomorrow to release some margin before the weekend. I was not patient enough today. I entered VIX leg ups even the sell off appeared strong. Both VIX 25 bear calls at 35c and 45c got crushed. The high was 60c. I didn't have a 2nd hypo for break down below. I only thought one hypo of retest and bounce.
Grains didn't have follow though sells but pushed up. Corn retested $4.0 mark and wheat pushed up to $6. Soybean held up well too. My bias should be in up side near term now. I locked in a wheat Mar 520 profit and closed a corn Jan bull put. There are still a lot of challenges in grains.
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