We had a bounce of expirations in the S&P 500 emini (ES) options today and basically it left us with 6 positions short at 1300. I will sell some puts against these futures on Monday, so see twitter for live update on that.
I also did one adjustment to the Crude oil and added 2 more short 101 Sep calls for 1,91.
One new trade as well, sold 4X 760 Sep calls in Corn, looking at the chart the recent bull run really looks overdone. The supply of Corn still loooks good and even though the weather outlook have been a bit bearish last week, it still does not warrant this latest bull run in my opinion. The reason for picking 760 as the strike is that it we have a series of resistance around 730 to 764 and it gives me a break even of 780, which means it has to make a new yearly high to lose money. Another point is that the option is trading above 42% volatility, which is in the upper end of the range. I am looking for a move back down to fill the gap at 669 in the near term.
See daily Corn chart below:
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