My plan:
Indices futres held up at the edge of CHVA overnight. Market is building energy to challenge new high.
I will not sell calls other than adjusting my positions. I plan to sell puts on a meaningful pull back or failed up move. Beware of possible double top. I will sell from the far OTM/D first. Need to be more conservative in puts too.
Grains moved to yesterday's lows. Looks like they are retesting the seen of crime or further down if the lows won't hold. My plan is still the same: reduce size, manage risk.
My execution:
Equities followed yesterday's pattern: slow in the morning, shoot up before closing. Greece debt restructure negotiation is affecting the market. ES gave back most RTH gains after hour on Greece and Euro zone didn't reach an agreement as reported before close. I sold one RUT and two SPX march puts to make them strangles. There is a possibility this break out may fail since every high has been sold off. It could be a topping process.
Grains held yesterday's lows across board but within the range. I did a May 460/625 risk reversal to lock in 50% profit and reduce margin of 1.3K. It's kind of meaningless to trade the same month and delta 1:1. No other positions got closed today.
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