It's another volatile week following the sharp downturn of last week. SPX closed slightly positive after testing the 20 wk SMA. But it parked below last week's open. RUT closed in the negative territory for the 2nd week. It's in the lower portion of the year-long range and below all of the daily and weekly major MAs. The tech-heavy Qs are also below its 20, 50 daily, and 20 weekly MAs. Overall, the market is under pressure on Fed's rate increase expectations.
The IB Netliq is up 5K, about 3% for the week. The leverage is down 10 points at 252. But the realized P/L is down 8K due to the sudden reversal and caught me off guard. I had to roll all of my bull puts out to survive for the week. I collected $1500 cash for the week but most of it was from the sale of the TZA hedge. There are two SPX put hedges that are fully ITM today for $1500 minus the cost of $330.
The ET acct realized $1700 p/l for this week. It wasn't easy. I had to make adjustments and hedges almost every day during this volatile week. Luckily I came out ahead though the impatience caused me some headache.
I made two stock directional trades in TSLA and AMD but none of them worked out. They cost me about $-300. My trade selection and management need a lot more work.
I had a slightly bearish bias but was fooled by the head fake rally at the beginning of the week. Then, I let my guard down and started to chase the rally. I need to be more cautious and keep the big pictures in mind next week. The volatile condition may not be over with the earnings season starting and the monthly options expiration next week. I am still working on my stop loss pain killer. I placed the orders in IFs but didn't execute them. My rolled orders are not implemented yet. I will start to place stop orders for my rolling positions next week. Otherwise, I couldn't place stop orders when the market suddenly changes.
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