Market got another shot after Trump's Congress address. Without giving specific policies market keeps expectation high. A big gap up this morning took indexes to a one way street. SPX closed up 1.35%, setting up a new range around 2400. RUT reversed the down turn of yesterday and booked 1.9% with new high above 1410. It had a 3+% gain counting from yesterday's closing. It's possible that it will get into a new range.
Made 7 trades. Rolled a threaten SPX 2390 for a client with more to deal with for around 2400 positions. I could do much hedging with the one way street price action. I rolled SPY 236 ITM calls to 3/16 240 1:2 to get more hedges. Glad I sold some puts yesterday. Too bad there was no follow through to the down side. I may have to start to book losses to reduce my margin. I wired another 10K in. Don't have much funds available to keep plugging the whole. I have to think what to do if the market goes up another 3-5%
Net liq suffered a big blow, losing 26K. What the difference a day made. Margin ratio and available funds are in danger for next week. I have to buy more hedges before end of Friday. I will prepare another wire transfer of 15K as my last effort to shore off Net liq. Then will have to book losses.
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