My plan:
Indices have held up yesterday's closing in a small range overnight. It looks like trades may break to upside again leaving us a short lived pull back. ES 2068-2070 is the key area to tell the directions for ES/SPX. I will exit my puts and buy some calls for SPY, RUT if I don't see a break down soon. We could see some choppiness today waiting for employment report tomorrow and Friday.
Grains moved down overnight. Corn and soybean are clear back in downtrend on daily charts. Wheat pulled back half way of last week's break out. I will continue to monitor and adjust my positions in grains. Reducing my size should be a risk control consideration.
My play:
Indices played out to the upside of my hypotheses. I placed call orders for SPY and IWM once the directions were clear after the 1st hr. Then I started planning my puts exit. There were only one each of SPY/IWM calls filled and one SPY put exited. I still have the bad habit of moving my entry prices around. So I missed couple fills. I will watch to see weather the long or short side would play out with employment news in next two days.
Grains looked so bearish this morning after falling overnight. Corn and soybean staged a come back right before closing to erase the day's losses. Wheat stayed low in a small range in its CHVA. It may fill in 585-570 CLVA if it breaks down from 588 or retest high above $6. I took call stops of my corn and soybean. I also locked profit March wheat 540 and lower it to 515. Let's see what export report will bring tomorrow.
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