My plan:
US indices futures held up overnight. German DAX made a new high in European session. SPS & RUT are ready to make new highs as well. The question is what's after it? Is the market going to float up like 2013 or sell off soon after a new high. It will show its hand early next week. I may need to change the way of my thinking on this trending market. Instead of picking the bear calls a safer approach may be selling bull puts for a little less premiums on intra-day pull backs. In which case the bull puts may decay fast if the up float continues for days and weeks. I will not sell calls today except adjusting my positions.
Grains pushing up slightly after open. the same plan for me.
My execution:
ES/SPX broke into new highs and stayed up. I didn't have any new positions, only closed SPX/SPY puts for next week.
Grains popped up across board. Wheat advanced most and closed at high of the current range. I didn't place any new trade and would rather let current ones decay for the Presidents weekend.
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