The "Turn Around Tuesday" played out to the down side. The overnight round up lost stem after US open. The 50 SMA for SPX/ES acted as a strong resistance. Crude fall on news of OPEC would not agree on a production cut. All of them worked together making it a -1% day. SPX/ES closed yesterday's gap at 1915 area. There are two more gaps below at 1890 and 1860 areas from the run up last week. We may see these gaps get filled and held before another leg up.
I didn't have any new positions filled other than moving the ITM positions closer to strikes and DTE in hope of unwinding them sooner. I closed another SPX call position so margin is reduced further. I may sell puts in April strikes if we continue to go down which is likely base on today's LOD closing.
Risk factors stayed in the range. Marin is still on the call side but may change tomorrow.
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