Indices futures didn't do much overnight. ES/SPX appear to have more down side to explore. ES 1990 remains the lower target. If we retest yesterday's low and hold then expecting it to fill the CLVA up to 2060 in next several days. My plan is to enter credit spreads and ETFs in Etrade and IB personal acct. I will watch the margin in the main acct. I will wait for market showing its strong hand before entering orders.
Grains continued their recover overnight from yesterday's move. Corn and soybean look strong pushing back to balance area. Expect in range bound near term into USDA report next Monday. My plan is to continue to adjust my positions, lock in profit and reduce risk and sizes.
Equities closed down for the 5th consecutive day. ES/SPX hit Fib 78% daily and 38% weekly then bounced for about 20 points. The sell off before closing made the hope of bottom faded. RUT accelerated selling up to 2% today. I couldn't get any RUT credit spread fill at the price levels I wanted. I sold some naked IWM in IB personal and Etrade. I sold one more RUT bull put for Feb based on Karen's setup. I don't want to take up too much margin by selling SPX. I will close one of my ES in IB tomorrow to get in another naked SPX put if the SPX push down further.
Grains chopped most of today. I rolled a July wheat 710 to 720 bear call to lock in my profit. Also rolled a set of soybean May 920 bull puts for a small profit and to get in a lower level in case of a sell off after USDA report next week. A big winter storm is going through mid west and north. The fear of winter kill condition may push grain prices up or hold any sell off for now.
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