The market recovered more than a half from the last night additional tariff proposal after opening. The NFP report had 103K new hires v.s. 188K expected. Trades didn't react to the numbers badly in the morning. But sellers stepped in after lunch and dragged the majors down more than 2%. So far it appeared to be a retest of the reversal up points. But another lower highs are in place. Let's see if the recent lows would hold.
Made 15 trades today. Added more late May bull put spreads for my clients. I didn't expect a 2% drop until this afternoon. So I saved some bullets for next week. I rolled up two ITM big cars and gained a total of 30 points. The rest of the orders were hedgings. We may see a bottom soon when the earning session starts next week.
Net liq lost near 3K due to the selloff. I am top heavy now. I need to pay more attention to the levels for my RR trades. The margin ratio is at 42% for this weekend. The margin is on the long put side now since I split one each of SPX and RUT into two in the during this downturn. I haven't been able to exit any of the bull puts.
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