torsdag 30. juni 2011

trading recap 30th of June

The quarter ended with a good move to the upside in the S&P 500 futures once again as we tend to see toward quarter end. We have now rallied just more than 50 points in the S&P 500 futures since Friday, not bad. It does looks overbaught now and it will be interesting to see if it can contiune the rally and take out that falling key resistance from the yearly high, which is coming in at 1317.

Corn had a huge move lower today following the USDA acreage report, which totally caught the market on the wrong foot. We had no limit in the July contract and it closed down by 69 cents, 9,9%. That is just nuts. http://www.bloomberg.com/news/2011-06-30/wheat-plunges-to-11-month-low-corn-drops-after-u-s-reports-acreage-gains.html

I am considering setting up a trade (options) looking for somewhat of an retracement of today's drop. Will come back to that over the next few sessions.

Trading wise I did plenty of adjustments in the S&P 500 emini futures. See the log for all trades. The 1300 short puts expired out of the money, giving me the total premum collected in profit. Had to buy back the 1280 calls though as the market gained momentum to the upside. My thinking is that we should see a dip back down to 1292 next 3 sessions, which I am positioned for. If we break higher above 1317 I need to hedge more delta, so we will see what the market brings. I also sold 2x 1340 calls for August expiration at 15 per contract, thinking that the upside should go much slower from here, so should be able to get out quite a bit of time value on those.

I also added one more put spread in the Euro right before the close. I think we will trade down towards the 1.43 to 1.4250 level pretty quickly again.

See full list of trades here

Good luck

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