The index futures dropped about 1% on China's tariff retaliation overnight. I thought that we were going see another leg down. However, the futures held at the lows of yesterday. The private job report was much better than expected this morning. It might have provided confidence for market sentiment as the government unemployment report may be better as well this Friday. The indices turned positive by midday and closed on tops of Monday's range, gaining more than 1.5%. It looks like the recent lows are set.
Made 15 trades today. I sold some SPX bull put spreads for late May early in the morning for the clients. I also closed all of the next week's long puts and locked in some profits when I saw the market was turning up. I bought some hedges for my account as usual.
Net liq gained less than 2K. The margin is above 60% and it's predicted fine for the weekend so far. I will play some directional index ETFs assuming the lows are in.
No comments:
Post a Comment