Indices had a small gap up as CL advanced overnight. They could not even close the small gap after open indicating the sentiment is still bullish. The initial target of ES 2190 was reached in morning session. I expect a 2200 and beyond would be the real test before or after this week's FOMC. I would expect some pull back before or after the FOMC. Of course it didn't happen during July's FED meeting.
Made 4 trades today. Three of them were hedging. I made another mistake of forgetting the minus sign for a ratio risk reversal hedging. I don't have any new positions. Made one near the money rollover and collected $140 premium. My main task is to survive this draw down. It has been painful and prolonged.
Net liq set another new low of 148K. It would threat my portfolio margin if it drop another 20K. Margin ratio is down to 28% and leverage is up to 118 which is the highest on my records. I need to figure out a way to reduce my ITM bear call positions in the next couple days before I go off to Chapel Hill this Friday.
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