Fed's dovish stands are confirmed once again from the release of the Fed minutes on Wednesday. JPM and WFC started big banks' earnings reports today. Both banks beat the estimates of the street. The majors responded positively. SPX broke above 2900. It's only about 2% from the ATH of last Oct. RHT is approaching 1600. It's the weakest of the majors. NQ is leading the pack and near the ATH now. Are we going to see a new high or a double top? I guess it's depending on the econ data and earnings reports. Technically there may be a good chance for sellers to step in on the first attempt to a new high.
My portfolio is stable for the week. I continued to add long puts based on the delta and margin. It's hard to keep the delta neutral as the majors kept going up. With today's breakout, most of my long puts were out profitably. But the shorts are deeper in the water. Why shouldn't I keep a bullish view and make delta positive? Fear of sudden drop?
The net liq is above 115K. Leverage is still above 5. I have survived but no real improvement. I need to be more aggressively adapt to the market direction. It's what you think that dictate your action.
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