My plan:
Indices dropped early last night. I didn't know the reason last night. It now looks like a Japanese industrial survey came out much lower than expected. ES/SPX opened this morning from the lower end of the gap. After a push up to yesterday's closing, ES is backed to test lower part of overnight. 2034 is a double bottom from the Fed day and last night. I will watch the market for the early part of the day. If the bottom hold or not is the key for me. I will let in more puts if the bottom appears holding. Remember the market is closed on this Friday.
Grains followed through yesterday's trend. Corn and wheat are down and soybean is up. Corn is threatening my positions of 365 now. I may have to roll it feather out.
My execution:
It turned out to be an inside day for indices. The break down didn't happen. I didn't have any new trade. I closed one SPX 4-3 call. The possibility of a retest low is still there.
Wheat and soybean recovered from yesterday. I closed 2 soybean puts and only one left. Margin pressure is somewhat released. I will work on wheat more.
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