Indices chopped mostly on the day before FOMC tomorrow. RUT had a 1% up recovered its loss from yesterday. Investors expect no rate hike from Fed tomorrow and want to explore higher prices. Apple reported 1st quarterly sales and revenue drop in ten years after hour. Its share is down 8% and dragged futures down as well. We may see a small gap down in the morning. But FOMC is a much bigger force to the market.
I had three trades today. Closed this week's SPX 2130 call around 75% profit to reduce margin and risk. I also bought a May 1 2175 call to hedge my positions for 10 days. I also sold a June 3 SPY 180 puts to cover the hedging cost. I will wait for FOMC dust settled before selling any positions tomorrow.
Risk factors improved due to closed calls and purchased hedge. I have 3 naked SPX, 3 naked RUT and 10 naked SPY in put side. Some of them should be closed by tomorrow. Margin is still on the call side.
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