A relief rally crossed from Asia to Europe overnight. European markets are above 2% across board. US futures are holding 1% gain overnight but still in Monday's range. Today is end of the quarter and we may see some window dress early on.
My plan is to sell some calls to keep with the down trend. However I need to reduce my overall risk below Leverage 4, expected shortfall under $60K and available funds above $80K. May be some call spreads will help adding bear calls.
Bulls finally had their day. Indices gaped up and regained the most of 2% down day. ES only retested yesterday's high and broke both side of IB. I sold some bear call spreads across my accounts. I didn't want to commit too much buying power for naked calls. I closed most of puts for this week. I brought leverage down to 4 and VAR/ES below $60K. But available fund is only $52K since calls take too much of buying power.
Pros are positioning for this Friday's job report. We may see another day or two up swing. I am not sure if the August low retest is done. It may tell more next week.
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