The major indices pulled back this week after several weeks up. The overbought conditions are eased some. SPX is way above its 20 DMA at 4300. RUT is still legging. It may come back to retest the 200 DMA. The seasonality is playing out. We may see the pullback continue into next week.
IBQ Netliq stabilized at 320K from last week's 309K. This was a holiday-shortened week. The options' value is down 10% from -197.7K to -177.5K. The leverage is down 11% from 98 to 87. The realized P/L is 2.1K, better than -22K last week. The premiums collected are $2,477. I had one BFP worked out. I made 79 trades in 4 work days. That's about 20 trades per day. It's a lot more than I expected. The positions were increased overall. My plan for the week was to use the B/P to speed up the reduction plan. Altogether the drawdown was stopped this week. Adjusting the delta positions after a breakout often takes 1-3 weeks.
The two small accounts are still underwater. I split each SC into two in an attempt to speed up the unwinding process. It worked better than the old method. Each account only got about $130 for the week. It's a waste of time and opportunity.
Lessons and Plan:
1. I marked levels each morning from the plan of last week.
2. I took a quick meditation in the mid of the day. I remind myself to stay calm and focused.
3. I will continue to work on my patience. Knowing market time helps to ease my anxiety.
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