My plan:
Futures have been falling overnight. ES is right back to last week's low of 1985 before a small pop to CLVN of 1995. Ranges and volatility are up on daily bases. I will watch the risk and stop levels of my indices positions. Be ready to take stops. I will look for bull put spreads in RUT and SPX with further down side in mind.
Grains were down overnight as well. It looks like the long waited down turn has began. I will lock in my profit, reduce sizes and reverse bull calls.
My execution:
Indices traded similar to yesterday's pattern. They moved up in early morning, pushed to a new low by mid day, retraced back late in the session. The difference is that they moved back to day's high. Today's low in ES was a few ticks below Jan 6's low before the break out. It appears an retest of the break out is done and the entire CLVA has been auctioned up and down. We may see a move up from here to the upper channel of this down slop. A possibility of another leg down to 1950ish which is a CHVN and Fib 50 RT weekly. I closed a ES 1900 this week in S-5 for $10 to leg into Feb W1 1800 for another $250 premium. I am prepare it for a possible stop out of 1850 just in case. I have one more bullet left in S-5 for a possible sell off. I wanted to fire it today but decided to wait to see if this bottom is for real. No other orders were filled today.
Grains ranged small today. They all parked at the lower end of CHVA. I had no new trade in grains except a close of corn 410 this month. Wheat continues pressuring my positions. I will try to reverse some near money positions if we get a pop on tomorrow's export report.
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