My plan:
ES hit its all time high of 2120.5 briefly last Friday. It opened on Sunday night within range and stayed in last Friday's range despite Asia and European markets were down. ES/SPX are still in up trend and a new balance area. Would we see a sell off after a new high like many times last year and this year? We may not see a strong break out to the upside giving the Memorial weekend is coming. I will continue to sell puts base on my rules. My ES targets are 2123.5 to the upside and 2123, 2109 to the down side. It may be a choppy day over all.
Corn and wheat held up well overnight. Wheat is firmly above $5 marker. My plan is to rollover or close my wheat positions for this month. I may sell corn calls on pops.
My execution:
ES/SPX made new highs and closed firmly up to my surprise. I have 6 different call spreads filled in RUT and SPX today. Most of them are iron condors. I feel that I am overtreded today. However I am still within my risk perimeters. We will have FOMC minutes, jobless report and Memorial weekend in this week. I would think market may wait these events to pass. But market can do whatever it wants and against common logic.
Grains gave up most gains today at closing. I have no order filled. I will be aggressively close my wheat positions of May in the next couple of days.
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