It was called Black Monday yesterday. The market was gapped down but nothing terribly bad in the morning. QQQ even went green for a while after closing its gap. In the afternoon Dow started falling hard. It was down 1500 points, about 6% at one point. Then all the majors were falling like rocks. Buyers stepped in couple times but couldn't hold for long. It appears that selling programs were in control. All the majors closed down more than 3.5%. It was a bloodbath. My net liq was pushed below 100K and put on restrictive status. I was working hard in looking for ways to deleverage my positions last night. So I didn't write my journal yesterday. I thought I was going to get margin calls today.
Made 14 trades today. I planned to sell most of my index ETFs to release some margin premarket just in case I got forced liquidation. So I sold all of my SPY, QQQ, and IWM. Luckily market didn't follow through the selling early last night. I borrowed 20K from ET to add to my account. It was a hairy moment last night. Rolled some positions for myself and my clients too.
Net liq recovered 15K, plus the 20K from ET. I am OK for now. Margin ratio is above 90%. The question is how do I unwind my ITM positions on both sides. My last two risk reversal in RUT and SPX appeared too early. They almost choked my account during this sudden selloff.
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