Greece is once again hijacked the world market. It broke off from negotiation with creditors and announced a referendum on July 5th. US futures opened down 1.5% on Sunday night. ES recovered 50% after European open. I woke up late this morning and missed Trader Bites and opening. Market was moving up and ES was back into CHVA. I was fooled by the retrace. I entered another set of Weekly 100 scalp at 1990 before reducing my 2020 position. Then the market tanked and broken overnight low before 3pm. My expectation was the overnight low would hold and we may be contained with 1.5% loss. It ended up losing more than that. ES/SPX lost 2% and RUT lost 2.6%. At the end I couldn't close my 2020, 2015 and 2010 scalping positions. I have to be more aggressive to control my risks tomorrow. Most of my Aug SPX and RUT puts were filled before 3pm. Leaving these positions underwater now. There may be another leg down and I need to increase my margin level. My leverage is at 1.97 now. Hope the market take a breath tomorrow. But be prepared for the worst on the news driven market.
Grains continued to push up. I reduced my puts by reversing 3:1 to the call side. There is going to be a USDA report tomorrow which may cause trade to reevaluate the trend. I will stay out the grain market tomorrow.
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