The index futures popped up on Sunday night. It was a gap up opening for the RTH. NASDAQ was the leader with 2.3% gain at its highs. SPX had +1.7%. Then things fall apart during the last hour of trading. One clue of today's reversal was that VIX didn't drop much during the drive up. Are we going to see another attempt for Feb low? Either way, the VIX is helping option selling.
Made 4 trades today. Sold couple May SPX bull calls for clients. I reversed an IWM from put to call and closed a RUT short put to release some margins. It's a light day overall.
Net liq gained 1K within the range. My margin ratio is below 40% and stayed on the put side. Will continue to hedge both sides.
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