My plan:
Indices moved up slightly with European market. It's above yesterday's high before open. ES bounced off of Fib 78% area. If ES can hold the retest of yesterday's range and overnight low the pull back could be over until FOMC next week. We would have another leg down if yesterday's breaks. My plan is to fill in the range in ES, SPX and RUT.
I will have wait out WASDE today since I didn't get rollover my wheat 550 positions. I will see what reactions markets have after the report.
I have guests come in town from China and I will have only limited time to trade. I need to form a flexible plan after talking to them with their schedules.
My execution:
Indices popped over 1% on better news and hopes of Greece debt problem may be resolved soon. ES/SPX are closed at the area of break down of June 4th. The price action is stronger than a normal return to seen of crime. But it could be a head fake too. Be prepared for either way.
The USDA WASDE caused sell off in corn and wheat. Wheat is parked at lower end of CHVA around 512. It was a mistake that i wasn't aggressive enough to scale down my wheat position of 550.
I will spent time with my guests from Yunnan from tomorrow. I may have to place some rollover orders for longer terms. Just let them fill.
No comments:
Post a Comment