My plan:
Indices futures moved up overnight. ES touched 2072 then pulled back to 2061 as this writing before open. It didn't make another gap to cross the all time high of 2075 but looks ready to challenge it today. Hypo two is for ES to test below 2025. It will be resting and gathering energy for a new high. RUT appears to ready to cross its current high to next balance area. My plan is to manage my bear call positions and directional calls in SPX and IWM.
Grains rolled down somewhat cross board. Wheat went down 2.6% and came back to the break out area. Corn and soybean don't have the same kind of break down. They are still holding in their range. My plan is to deleverage my grain positions and lock in profits with 25-50% gains without increase size. I will try to exit most of my soybean positions today and complete my withdraw from it by next week.
My execution:
Indices traded in a small range but held up. I closed my SPX Dec 26, 2020 call for a loss since I didn't want to hold it over the weekend. We could see another push up next week. I didn't add any bear calls. My IWM and SPY calls have appreciated well so far. I will close them next week or hold a little longer since they are both ITM now.
Grains shown some weakness except corn closed back above CHVN. Wheat dropped 3+%. I closed 5 soybean positions, I want to wait a little longer to see if wheat would come down more. My losses in wheat and corn are still too high. I am still stressed and need to rethink about my approaches in grains. With reduced size and equity up my margins are back to a safe level for now.
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