My plan:
Greece's bail out proposal is on table for EU to discus. There are discusses about continence plan for Greece to exit EU. Futures dropped on the news. My plan is to use the pb to sell more puts. Today will be volatile since it's the monthly options expiration Friday.
Grains are in ranges on this expiration day. I may do couple rollovers in corn and wheat to reduce risk and size.
My execution:
Indices sold off after open on Greece concerns. It looked pretty serious, down 10 points in the first 30 min. I prepared several bull puts around S2, 2082 for ES but missed by a few ticks. Then a news of possible agreement with Greece took the market shoot up and never looked back. ES/SPX had a total outside reversal day. The new high at 2107 is firmly closed. I made couple SPY and SPX calls instead but were not very ideal. Interestingly RUT didn't break out but held high of the day. Get to watch out upside risk next week.
Grains went wild on this expiration day. Corn went down below 388 so I let my 400 calls to expire. Wheat dropped 13 points (2.5%) retesting the break out area. A new low is possible if the neck line of 500 in the IHS could not hold. Soybean pinned 1000 mark. I have no worry of soybean since I am light in it.
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