My plan:
I missed this morning's writing and Trader Bite on the first day after Memorial long weekend. My bias was down based on last Friday's closing. I thought about to buy VIX ETF to hedge a possible down turn. But I didn't form a entry plan until VIX was up 12%. In hindsight I should have place an entry when ES overnight was broken. initially.
My execution:
It was a 25 point range day for ES and SPX. ES is back to previous balance area of below 2112. Would ES move further down or launch from her after closing Mar 14's gap at 2096? I think bulls will make an attempt to bounce from here as the scene of crime is retested baring from overnight European news, especially Greece. RUT also fall back to the last CHVA of 1248-1229. I sold one RUT July 3, 1070 puts and an ES July 1, 1880 puts. I am restrained on selling naked puts due to higher margin requirement. None of my put credit spreads were filled. I didn't chase it as I know I may have better shot if the market goes down further. I noticed that I wasn't feeling anxious to get filled.
Grains fall again after last Friday's sell off. Corn and wheat are both back into down channel again. I will have to evaluate my plan on wheat again tomorrow.
No comments:
Post a Comment