SPX and RUT made attempts to drop early in the session. Buyers stepped in on prior day's low and held it in range. Bull flags for SPX and RUT are still intact so far. We are into 7th week rally and bulls may be a little tired. All the gaps on the way down were closed last week. S&P earnings for the 1st quarter are down 8% and no one seams cared so far. There may be another thrust to the upside base on the pasture and MACD.
There are 3 trades today with the small range day. I rolled 1/2 SPX 2050 call of this week which is ITM today to next week for 2065 + 1950 put. I collected $80 premium to fund two hedging buys. Theta produced $2K for me today.
Risk figures are still concerning. With many naked puts due to the funding of rollover calls the exposure fee is back again. Margin ratio is only back to 30% with 2 more hedging calls bought. Leverage is hanging at 97 since the -400 SPY added by the assignment. I will buy some puts to form spreads.
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