The major indices closed in the red for this July 4th holiday-shortened week. The price actions were weaker, random, and choppy. The market may be concerned about the Fed's two more rate hikes. Seasonally this is not a bearish period. Only the price action will tell.
IBQ Netliq is up 4.5% from 308.6K to 321.9K. The options' value is down 5.8% from -194.9K to -183.6K. The leverage is down 8.8% from 98 to 90. The realized P/L is -$23.1K. That is the main area of the drawdown. I had to roll out several DITM positions. The SPX delta is finally in the neutral area now. The collected premiums are $3700, plus $1600 of monthly interest. I had one BFP win. I mistakenly left a RUT RR order open overnight. It got filled the next morning with $1500 premiums. Luckily the SP side is closed today. The total cash is $5299. I made 46 trades for the week. It's about 11.5 trades per day. The number of positions increased by 2 on each side. I switched one RUT SC to SPX SP. The timing was off. It was part of my plan to change all RUT positions to SPX.
The two small accounts had some relief this week. These adjusted SPs were closed out. But they are still underwater. The total cash collected is $1653. IBP made $1330 with 1xBFP. TOS got only $323. My lack of willpower to stop losses cost me dearly.
Lessons and Plan:
1. Watch for the price action and critical levels. They are the keys to the direction of my bias.
2. Stay patient and calm. The daily meditation is a big help.
3. Keep the forest insight. Have a road map for my goals of eliminating the DITM positions.
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