Futures stayed in the upper range overnight. Asia and Europe are up nicely. It looks like the trade is going to positioning the the up range of weekly for tomorrow's FOMC. It can go either way from the mid of the entire down move. ES is above Fib 50, below 62%.
My task is to reduce my exposures on both side, reduce naked puts to 1 or 0 and keep leverage below 0.5
It was another up day again to my surprise. SPX was up 0.87%. My plan of reducing naked puts didn't go well since I used diagonals which is often not easy to fill. I only bought back one RUT Oct 960 naked put back. I will just go ahead to buy some SPX naked puts back tomorrow before FOMC to lock in my profit and wait out for the news before I decide what to do next. I will also close out some of my bear calls tomorrow morning to release some margin. It's going to be a big day tomorrow afternoon. I will not add any positions until the direction is clear. My leverage is down to 0.42 today. I want to get it to 0.3 or better before tomorrow's announcement.
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