Jobless claim is reported at 263K vs 274K estimated at 8:30 am. Futures didn't react much one way or another. Overnight, ES traded within the range of yesterday. It appears that market is waiting for Fed Minutes. It normally is not a big market mover. But I remember that the sell off in late August was started after the Fed minute release. Expect a choppy morning and a possible break out one way or another after the Minutes release.
My plan is to continue deleverage. Looking to close both calls and puts. I closed some puts before lunch. My orders for exiting calls didn't get filled during my visit to CT scan and doctor's office in the afternoon. Market broke out to the upside after FOMC Minutes released. SPX/ES closed near the high of last FOMC announcement. Most of my calls are underwater now. I will need to deleverage from the call side tomorrow and add some puts to pay for the calls. It feels the market is extended but it can stay that way for a long time.
No comments:
Post a Comment