Market started as if it was going to be an inside day or even continued moving down like the last two days. After an attempt of selling before lunch indices reversed to the upside breaking into next balance area above. ES and SPX closed above Sept FOMC high of 2010s. RUT still has some distance to Sept's high despite a 2.3% pop today. Trades believe there won't be a rate increase this month.
Some of my puts were closed during the push up. I got some call orders filled unexpected due to the same reason. I had to close this week's 2030 calls at $200 loss due to the strong push to near the money. The premium jump from 15c to $2.45. I had to buy it back since this monthly options won't close until Friday morning. Another lesson learned on Gamma risk. Luckily I closed the similar positions in all of my other account yesterday with profits. For whatever the reason I left this one on yesterday. I thought I was safe this morning and left it alone until early afternoon. I started to get concerned when the price was hanging around 50c. I thought the market makers would give up before closing. I tried to roll it to next week about 15 min before closing but couldn't get filled until cash closing. I switched to buy back. It was a lose could have prevented. However I had a plan of 2 steps and I follow it. I didn't panic which is a noticeable improvement. I have deal with several similar positions next week. It may be tougher to deal with since market reversed to the upside. I will hold until late part of the week to roll if my target prices don't get filled.
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