The major indices closed down for the 2nd week. The CPI report was slightly better than expected. It could have improved the sentiment. The August effect continues.
IBQ Netliq is up 6% from 332K to 353K. The pullback helped to reduce some short calls. The options' value is down 11% from -179K to -160K. The leverage is also improved from 87-76. The realized P/L nicely recovered $35,172. The cash collected is $1670. I didn't have any BF trade based on the rules. I made 86 trades for the week. It is still too high for an average of 17 trades per day. The total positions are SPX 14 and RUT 2 at the end of the week. RUT is down two. I plan to eliminate RUT positions next week. The key is how to avoid the see-saw effect when the trend changes.
The two small accounts got some relief from this pullback. The realized P/L recovered $19,768 for the two. The total cash collected is $2113. IBP and TOS received $1030 and $1583 each. TOS had one BFP win for $780. IBP is finally $589 cash positive now. It took 10 months to recover the ET 60K loss last September. It was a hard lesson that I should never forget.
Lessons and Plan:
1. Remember to void quick trade during any major news event. The price actions tend to be volatile and deceiving.
2. My current plan may not eliminate these DITM positions. It's like a see-saw. It breaks the balance when the trend changes. Should I just buy back everything and start fresh?
3. Continue to set the price levels and practice patience.
4. I am a professional trader. I must act like one.
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