Overnight Down 5-12-15

My plan:

Indices futures dropped below Friday's range and retested the break out point. European markets are down across board. ES may test 2069-67 CLVN and 2100-02 above. RUT may have a low of 1216-13 and 1235 above after the rejection of Fib50 p/b. My plan is to release margin first by close positions with 80% profit. Then sell new puts but be patient. This could be the day one of a multi-day pull back.

Grains have a little changed a head of WASDE today. I will place an rollover order for May wheat 510 only in effect before the report release.

My execution:

Equities opened under the pressure of European markets. But they never tested overnight low of ES. After the first attempt of pushing down buyers stepped in to push ES/SPX back to CHVA of 2090s. ES didn't come close to my expected 2070 area. I didn't catch any of the down which lasted about the first 1.5 hr. It's OK I didn't catch in the morning session. It could have been a 20 points down day based on overnight action. Who knows.

I closed wheat May 510 bull puts before WASDE. Wheat and corn pushed up hard before and right after the report released. But the ending stock and production estimate were higher than trade estimated. Grains faded before closing. I will watch for the next two days to see if the lows could hold.