The same pattern of early selling and late buying played out again today. Indices are still chopping in the same tight range. It will break out one way or another soon. Tomorrow's GDP may provide such an opportunity. Earnings are still better than expected. Technically MACDs in both SPX and RUT are about to cross to the down side. I will prepare for either side break out.
Made four trades today. Rolled over 2 ITM calls and closed RUT 1230 call. I also bought a 8-5 call to hedge margin using part of the premiums collected from the rollover. I will have to buy more to hedge the expiring calls.
Risk profile is still under pressure. Margin ratio is at 30% and will drop again by next Monday with this week's call expired. A pull back will be very helpful but hope is not a strategy. I don't have much room to add puts either.
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