My plan:
Indices futures made new highs overnight after Shanghai indices popped 3% on rumors of PBOC QE program and upside of European market. ES made a new high of 2120. I may sell bear calls far out money and time on limited bases with FOMC this Wednesday in mind. Of course I will sell puts if we get a meaningful pull back.
Grains continue to drift down. I don't see any sign of turning for me to sell more puts. I will just wait and let the market play itself out.
My execution:
ES/SPX made another new high in the first hour of trading. It then fall off bed and made a bearish engulfing. It appears big boys are taking some chips off the table and preparing for FOMC this Wednesday. I closed couple of puts positions today. Also sold a RUT 6-3 naked and couple of RUT puts spread for June. We may see more selling tomorrow. My leverage is at 1.57 so I have room to sell more puts. But be cautious about FOMC risk.
Grains continued going down with wheat making a new 52 week low. Corn made a new contract low as well. I don't want to sell any puts unless I see a reversal.
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