The market tried to follow through the big bounces of yesterday. Bulls held the lines during the morning session. NASDAQ gave up first without any major news. It made an engulfing reversal from yesterday's 3.3% gain. The other majors reversed to yesterday's lows as well. If the bottoms don't hold overnight we may see a gap down tomorrow morning. The pullback may continue.
Made 16 trades today. My early assumption for today was range consolidation. I was making position adjustments and hedges in the morning. In the afternoon pullback, I thought it would be a halfway retest of yesterday's big surge. The market finally showed its true intention during the last hour of the session. I took off some of my QQQ puts to cover the costs and made double and triple returns in a day. Of course, one contract wouldn't make a big difference. I am learning to place directional bets. I didn't place my planned reversal orders due to the margin requirement. I may do it tomorrow if it's within my buying power and I could hedge part of the margin.
Net liq stayed in current 120K range. Margin ratio is above 70% with 50% buying power. That may leave me some room to do an RR trade.
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