No matter what Fed does the market can interpret it differently. Overnight European market sold off on Fed's no rate increase. US futures dropped 1% pre-open. Market went wild as today was the option expiration day. SPX ended down 1.55 with sell off before close.
I am not sure if the new sell off is the beginning of another leg down or a deck clearing before leg up. We will see the intention of the market next week. Regardless the market actions my focus is on risk control and deleveraging. I sold couple CS puts for IC and possible adjustment purpose. I took profit on some bear calls today. My buying power is up to $100K but my leverage is back to 0.4 from 0.38. I am not quite understand the relationship yet. I am paying attention to VAR (value at risk) and ES (expected shortfall). It cost me so much when I ignored them before the August sell off. I should call IB next week to understand these figures.
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