The trendless swings continued this week. CPI and PPI came out hotter than expected. The market rallied. It reversed and erased the two days' gains on Friday. It turned out to be a fake breakout. SPX is back between the 50/20 DMA again. The FOMC meeting is next Wednesday. The market is expecting the Fed to pause rate hiking in September. The volatile 2nd half of September begins next week seasonally.
IBQ Netliq is up 4.5% from 324K to 339K this week. The options' value is down 7.6% from -189.2K to -174.8K. The leverage is down from 92 to 84. The realized P/L is -$1959. The drawdown is getting smaller. The collected cash is only $1146. The total positions are C 12+1, P 9-2. I made 48 trades which is 12 less than last week. The commission cost is $190. I made some progress in terms of Netliq increase and the total positions.
The two small accounts continue to struggle. The realized P/L is $5646 in recovery. The cash collected is $2668. IBP and TOS made $1775, $893 each. TOS has 2 SC and 1 SP positions left. IBP has an alarming of 3 SC and 4 SP. I need to reduce the positions in IBP.
Lessons and Plan:
1. I started to remind myself to be calm, patient, and professional during the work days. It needs to happen more often.
2. I am still struggling with my slow and fast thinking, conscious and subconscious.
3. Identify the trend and establish the levels in the morning. Be ready to change my bias when the market changes.
4. My main goal is to reduce my total positions in all accounts next week. Stay with the trend.
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