My plan:
ES moved up about 15 points to 2035 area overnight. There is a old gap at 2047. It appears that the bottom of this pull back is set and a IHS is forming unless we see the same trap of sharp reversal than sell off again in Oct. We will see it today or tomorrow with job report. The normal auction of this low volume area continues so far. I will look for small safe bear call entries and watch for any attempts of retest the lower area.
Corn and wheat continued their low testing while soybean held up well. Wheat had a better than expected export report but price action is not reflecting it so far. Watch for double bottoms or break down in corn and wheat. My plan is same as yesterday.
My execution:
ES/SPX shoot up right after open. It held at the end of CLVA of 2056 for a 1.5% gain. This is also Fib 62 RT for the entire down turn and mid of B Band. Sellers pretty much disappeared today. I only had a Feb-6 SPY 215 bear call filled. Get be careful not to fade the trend. I would rather to add puts on any pull back. Tomorrow's job report may give opportunity for add on.
Grains continued the down turn. I reduced one bull put in wheat and corn. Need to do more tomorrow and Monday in case a sell off to hit me on a 3rd run.
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