Opec reached agreement with None Opec members to reduce crude production over the weekend. Futures shoot up on Sunday night. Crude was up 3% and ES had 8 points gain. I was really worried about a gap up open on Monday. Luckily market faded overnight. Shanghai went down 2% and European markets were all down slightly. RUT finally had a 1.1% pull back, 1st time in Dec. The market is still very resilient. DJ was and SPX didn't give up more than 3 points. At least the overnight gain of ES was faded. We may see another attempt to go higher. For me any weakness is a good news. I finally got additional 12K breath room. It may save me for another up day.
6 orders got filled today with 3 rollovers. I closed my GLD put with a loss to reduce margin. I need focus on reduce and roll over RUT tomorrow just in case FOMC cause a surprise on Wednesday. We may not see any meaningful pull back before next January. A common theme is that people want to hold their short term gains after the New Year to get better tax rate. On the other hand some may want to sell before the year end to show good results for 2016. We will see.
Net liq was up 12K to give me 26K cushion for now. It is still too thin. Margin ratio is at 48%. It may hold me off until this Friday if there is no big surge. Get to start to put hedges on for next week.
No comments:
Post a Comment