Futures dropped near 1% overnight as European fall around -2%. Is it another Black Monday? NFP is much worse than expected as it just released. Jobs +173K v.s +217K est. My job is to survive this day with deleveraging.
It was another heavy selling day despite the two attempts of pushing up in the morning and before closing. SPX closed down 1.5% and RUT down -0.75%. It's still better than -2% and more across European boards. I continued to roll down my puts to maintain my margin level. I closed my this week's put in the last hour with anxiety, but patiently waited for all day long. Over all I survived today.
I need to figure out a better way to deleverage my puts. I rolled down many of them to naked positions. I couldn't roll the long legs together due to the limited margin availability and the difficulty of rolling credit spread. Once these left long puts expired my naked puts could expose to margin limit again. I need to figure out a better way to deleverage over this weekend. There could be another wave of selling after this long weekend.
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