Indices futures stayed at lower part of the Friday's selling bar after the poor job report. The current figures indicate a gap down for indices. ES is hanging around 2045 in a bear flag pattern and near the double bottom of 2033. We may see 2020-15 which is the weekly Fib 61.8% area if the double bottom fails to hold. ES may go up to test the scene of crime at 2059 and inline with CHVA. With the increased volatility my plan is to sell Karen style puts with far OTM and date. I will try to close near term contracts to release margin.
Grains are holding up well. I will stay on my course of reducing and recovering.
My execution:
Indices made a surprise up turn. ES didn't even bother to retest overnight low. It started with an open drive and blew up my top target, then retest last week's high of 2081. It was a completed reversal. I closed my ES April 4, 1930, SPX April 2 1970/50 and 1860 vertical puts. The ES 1930 was a poor trade from entry to exit. The entry was a boredom trade and exit was based on fear of drop.
Grains traded in last Thursday's range retesting the day's lows. My last soybean position is closed today. I will not trade it again based on margin requirement and volatility.
No comments:
Post a Comment