The main event of the week was the FOMC meeting. There was no interest rate cut as expected. The market was focused on the rate dot plots and J Powell's news conference. J. Powell's talk often stirs up the market. He sounded dovish and underplayed the sticky inflation this time. Most board members plotted three rate cuts for 2024 despite last month's inflation rebound. The market reacted positively with a big rally. SPX broke above 5200 with another all-time high.
IBQ Netliq is down from 209K to 197.8K, -5.5%, -11.5K after the FOMC rally. The realized P/L is $22007. The collected cash is $5457. I had 4 BFS trades. Three of them are rolled out to next week. The delta is -101 from -50. The leverage is up slightly from 250 to 280. The total positions are C 8-0 and P 11-1. There were 53 trades this week. Another XSP 1-1-2 is expired and worthless. The commission cost is $213. I didn't try harder to add another XSP 1-1-2.
The two small accounts suffered further with the FOMC breakout. The realized P/L is -30296. The total cash collected is $4679. IBP and TOS got $4132 and $547 each. Some of the LCs got ITM on the FOMC rally. That helped TOS to collect some cash while suffering losses. I traded 4 BFs. Two of them were rolled out to next week.
Lessons and Plan:
1. I followed the rules and stayed calm most of the time this week.
2. My meditation practice brought me more patience and consciousness.
3. I broke my BF -1+1 rule in IBQ and IBP accounts. I got greedy and knowingly took the expansion this afternoon. I will prepare to stop out if the market pulls back more next week.
4. Don't make a trade when I have doubt subconsciously.
5. I should prepare for possibilities if the SPX goes up another 5-10% without any serious pullback during this election year.
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