Futures drifted down overnight on 5% down of Japanese market and Europe sell off. Trades tried low and high of yesterday but got rejected on both sides. Maybe the market is waiting for Yellen's talk in Congress for the next two days. Technically SPX and RUT are in squeeze channels in 4 hrs and daily charts. A bear flag pattern is also exist. CL dropped below $29 and closed around $28.5. A breach of January low is likely for SPX as its counterparts already done so.
I sold some calls during the attempted rally late afternoon. Margin switched to call side again. I sold couple more naked calls than I should have. It costed buy power dropped below 30% for awhile. I then closed couple low priced positions to bring my BP up.
Risk factors remand less ideal. Margin ratio is still at 36% and leverage went up to 60. I need to reduce my overall position size. I have traded 192 contracts for Feb which is about the same number for the entire Jan.
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