Indices futures went up to close Monday's down gap overnight. Overall, expected today to be choppy before NFP tomorrow. Trades were up and down to clear decks. US indices closed slightly higher. SPX/ES is back to prior range of 1910-80. They are positioned to go either way after tomorrow's NFP. The down trend is still intact but we may have a short term up swing. Daily MACD is turning positive. SPX has formed higher highs and higher lows since this Tuesday test of 1870. RUT is weaker than SPX. If market closed up firmly tomorrow and hold well on Monday we may have seen a successful retest of August lows.
I closed most of my shaky puts for next week which were entered before the Black Monday in August. I tried to roll down some long puts in my 2x, 3x spreads to widen them to 5-6x and collected some additional premiums. It was inspired by Tyler's concept of continuously collecting premiums. I closed couple of bear calls to increase my margin and reduce leverage. The available funds are slightly up to $56K from 52K and leverage is down to 3.3. One thing I am not clear is VAR and ES. I will call IB or check if any updated video on this subject on its website.
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