It was the biggest weekly drop since 1987. The bear flag patterns in the majors played out with a big gap down on Sunday night. The COVID-19 virus and OPEC failed to reach an oil production agreement were the two major factors. Every day of the week was more than 4% movement up or down. There were 8% of moves on Thursday and Friday. Luckily the last move of the 8% was an upward thrust in the last 30 minutes before Friday's closing. Overall the high VIX was never seen after the 2008 financial crises. It was heart ranching.
My net liq was below 100K for most of the week. I took a risk of borrowing another 20K from ET to rescue my long puts for the week. I rolled three of my four positions far out in time. I wanted to flip my last SPX 3430 LP but didn't get enough time before the closing. My NL dropped below 100K as the market dropped again on overnight and most of the Friday. I finally was able to flip it on Friday under pressure and paid 2K for it.
My borrowing power is almost depleted in both of my IB accounts. I will have to cut my losses under the worst conditions, as VIX is still above 50 and my longs are at maximum losses. But I have to do it in case the situation even gets worse. A zero balance is better than a negative balance. I plan to take a 100-200K loss in cash first.
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