The same pattern of overnight drop and RTH pop played out again. It looked a possible pull back this morning when market opened lower. Bulls took SPX and RUT to another ATHs in the afternoon exactly like yesterday. Tomorrow is index option expiration day. It could get a little volatile. The pattern could be a pop in the morning when big money want to maximize its profit and will let the market go in the afternoon. This could happen on Friday as individual stock options expiring. It's a relentless bull market. It appears SPX is building a new balance area firmly after 5 consecutive days of new highs.
Made 16 trades today. Rolled up some near and ITM calls to next week to reduce the expiring effect. Some put exit orders got filled. I sold couple more leg up bear calls for clients as new highs were made. Also rolled my last RUT ITM call in IB. I have one more left in ET to deal with tomorrow.
Net liq took another hit from +5.5K to -6.5K. I may have to make another wire tomorrow if market continues to grind up. I have 12K cushion left which I should only allow 6K to erode. I must buy more calls tomorrow even I brought projected excess from -20K to 1K. It's still not enough. I need 20K ecess liq for next Monday. I need to keep calm and stay relentless like the bulls.
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