Futures opened higher on Sunday night. ES was up 15 points, then it got faded overnight like many other times recently. ES was back to last Friday's range before RTH. My theses are that trade is going to swing down and up to clear deck before this Thursday's FOMC as usual.
My plan is still deleveraging before FOMC this Thursday. The meeting is apparently moved one day late due to the Labor Day. It will give an extra day to let my positions decay a little more. I need to be calm and patient. My objective must be clear and execute decisively.
It was a small range day for a change. ES had about 15 points range and VIX closed below 24. All indices are down less than 0.4%. I didn't have much activities either. I had to work on Turbo Tax filing issues since tomorrow is the deadline. I only closed my SPY puts for 35% profit.
I need to be more aggressive to protect my naked puts positions tomorrow. I didn't realize I still have 4 naked SPX and 1 in RUT. Market seams to be very nerves about Fed. Chinese market is still falling which didn't help at all.
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