Jobs 12-5-14

My plan:

The much anticipated job report came out much better at 321k vs. 231k. ES, NQ initial reaction were within yesterday's range. I am surprised there was no big break out to ES 2080ish, the first target of BB. I will try to scale my SPY, IWM call options and exit my related puts on a pull back. I will try to sell some naked es and spy as well. I don't have enough positions in indices and should scale more from grains.

Grains are in ranges except corn pushed out yesterday's high and retesting its week high. Let's see if it will break the daily double top and continue to run on its bull flag. My tasks are manage risk and reduce positions to release margins.

My executions:

Indices pretty much stayed in ranges and chopped around. I exited my puts in SPY and IWM with 50% losses and a partial IWM call. I have 1-2 days left next week to see if indices could break out to new highs. There is a possibility that I could loss on both side if market goes down or continue to chop around. I should stick to my options selling program in most of cases.

Grains continued to move up following yesterday's direction. Corn made its weekly high and closed at last week's high. It may challenge $4 next week. Soybean came back to retest the break down area. It appears to have more room to go up. Wheat was up less than 1% and hasn't break its HS formation. USDA DEC report may provide more volatility next week. I need to update my seasonal studies this weekend. I have been slapped around on both side and my losses continues. I have held back on adding positions and all of my rollovers are 1:1 now. Except I added one soybean May 1280 bear calls as my first bear calls for May. It's too far out and not in my plan. I may exit out when I can get b/e or a small profit. It doesn't cost much margin now.