It's another down week. 4 out 5 days were red. The pattern of the week is fading of every rally. After SPX reached 2585 on Monday which is below last October's low it bounced strongly. I thought the retest was successful. But every rally was met with strong selling. VIX stayed elevated above 20. Price ranges are wide. SPX had another 2% selloff today, just like last Friday. The sentiment is bearish. The trade talk progress couldn't lift the market. Technically speaking, the market may be clearing the deck for FOMC next Wednesday. Or could there be other reasons behind the selloff?
With the selloff, I was able to exit out one of my SPX ITM bear calls and several others for my clients. I had to reverse that 2 DOE bull put since it was pushed ITM for about 50 points. It was a disaster since I didn't roll it out properly last Friday. The set in my personal account is in deeper trouble since it activated the day trading limit. I may have to wire fund in next week to shore off the balance if the market continues to sell off.
Net liq is still under pressure at 117K. The margin is at 447. The portfolio is still in surviving mode. I will continue to reverse, hedge positions to reduce margins. There are 5 deep ITM bull puts need to be rolled out next week.
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