Thursday, July 21, 2016

The Bull Flag Playing Out 7-20-16

Indices got a boost from more positive earnings, like MSFT and Banks. SPX inched up making a new high of 2175. We may see it get to 2185 to 2205 range before next week's FOMC. RUT is likely to break last week's high of 1212. Gold continues to fall. Interestingly VIX future went up while indices made new highs. I tried to dip in some VIX call options but didn't get fill. It may be time to get some volatility as its MACD is about to crossing up.

I had only one trade of closing a put. My IB acct is hanging on 25% margin cushion while net liq continues to fall. Tomorrow I plan to start roll my deep ITM calls and buy more hedges to survive this squeeze. The 3rd year of my summer draw down appears affirmed. I get to lean and change.


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