Market advanced another small step. It held up well today without any notable selling pressure. SPX and RUT are close to their range tops and daily trend lines. I will watch to see if the resistant areas hold. I need to apply more patience. With the quarter end near we may see more buying and window dressing in next two days.
Made 8 trades today. Had 2 risk reversal in SPY and IWM and 1 bull put ratio hedge in my account. Sold 4 RUT May 2 and 3 call spreads for clients. I don't want to add any more of bear calls until I reduced my current holdings in RUT. We don't know if this is another leg to new highs.
Net liq suffered another 4.6K on a smaller raise than yesterday. Initial margin was also reduced. I haven't figured out the math behind it yet. I will continue to hedge for next week. I am incurring lost time and opportunities while dealing with the oversize bear calls.
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