My plan:
Indices futures held in yesterday's range overnight. It's so far traded above previous balance area. There will be a 50 point trading range above if ES/SPX would establish a new balanced area. Market is waiting for FOMC Minute at 2pm. It's not as big of an event as FOMC but it still could move the market if there is any surprises. I will sell puts on any weakness before or after the release. I will be very cautious about entering calls.
Grains are moving lower slightly. I will try to close my May positions in wheat no later than tomorrow just in case we get pined at 5 or 4.9 again.
My execution:
ES/SPX crossed yesterday's after FOMC minutes release, then got slowly pushed down to yesterday's low before closing. It looks like the high was rejected firmly despite the June rate hike is out of question. ES breached today's low in evening session. We may see a move down in the next two days depending on the unemployment number and possible news from Greece. None of my puts sell orders got filled. My ES May 5 1850 was closed.
Wheat showed some strength. Corn dropped further. I closed my May wheat 490, 480 puts today. My 440 puts and 650, 660 calls are safe for now unless something drastically changes in the next two days. Wheat is trading at 510 range.
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