Bulls took a small break from a four days of new high making. SPX and NASDAQ closed slightly lower while DJ and RUT stayed in the positive territory. After the report of Turkish military coupe the indices futures dropped to the day's lows. But the impact looks limited. As of Saturday the coupe was failed. The bulls may have another reason to push up again on Sunday night.
There were seven trades. Mostly hedges and closing put positions. I sold two SPX late August naked puts. The premiums covered the cost of the hedges. I had to buy couple more calls to fend off the expiring hedging calls for next Monday.
Risk factors are still in my warning zone. Margin is at 31% and will be lower on Monday after the expired calls kicking in. I have 22 short calls in SPX and RUT in which 9 are ITM and 13 are near or OTM. Pluse there are 3 SPY 215 calls and 250 short shares. That is a lot of pressure on my IB acct. My main test for next week is to reduce my size prevent margin calls. It looks like another summer draw down is in progress. I have warned myself before but didn't stick to my plan.
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