The major indices gave back all of the gains of last week. FOMC reset the market sentiment back to reality. The bears are back in control again. SPX and Dow are the only two holding above their 200 WSMA. Are we going to see a seasonal Santa rally this year? We will know next week.
IB Netliq is up 9% from 161K to 177K for the week. The leverage is down from 271 to 240. VIX is at 22.5, not much elevated despite the selloff. The realized P/L is $4537. It is better than the loss of $2332 last week. The premium collected is only $1.1K. None of my hedges worked this week. CPI and FOMC turned out to be range bound.
The 0 DTE didn't perform well with the current market conditions. The premium collection is only $853. There was no trade on FOMC day. I had to take partial S/L twice in TOS and spent some funds to buy hedges. The hedging strategy could work partially under normal market conditions. It should not replace my S/L roles.
Lessons Learned:
1. I improved on my S/L orders. I am still not strictly mechanically in S/L. I often look for hedges first. It could turn out to be a disaster if the market is strongly trending in one of these days. I should be willing to take a big loss with this practice.
2. I keep practicing meditation in the morning. It helps keep me calm during the day.
3. I need to be more disciplined. When in doubt don't place the trade.
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