My plan:
Futures recovered 50% overnight after European open. There is a slight hope of last minute resolution for Greek crisis. It's still a news driven market. But market has moved in orderly auction. Today's target for ES: 2073 and 83 above, 2048 and 2027 below. My plan is to reduce or completely exit my scalping of 2020, 2015, 2010 in SPX in all of my accounts.
I will stay out of the grain market at least 1 hr after USDA's Acerage and Grain Stock report at 12 PM.
My execution:
Indices started a similar pattern of yesterday except it didn't sell off in the last hour. ES made a double bottom from yesterday. It still looks a weak low to me. Of course it's a news driven market. It was quiet in the news front. It appeared that Greek government backed down a little from previous hard line position. It proposed a new request for bail out without austerity measures.
I closed partial of my 2020 and 2010 scalps. It was tight ranged. Tomorrow is the last day to get exit any or all of my threatened positions. I must do it.
Grain continued to pushing up after USDA's report. Corn had a limited up day. I didn't do any trade in the front. I didn't see the reasons behind the move since the report was considered neutral. Let's see what the true intention of the trades are in the next couple of days.
No comments:
Post a Comment