Thursday 28th of October

S&P Emini gapped up more than 7 points on the open and traded lower to close the gap from yesterday and extended lower to 1173.50, but once again support came in and we move back higher to close well off the lows. Seems like the return of risk appetite is back following yesterday's correction lower.
I like to keep it simple and continue to favor higher levels as long as 1175 is not violated on a daily close.
Trading wise the portfolio declined 0.39% on the day and once again the dip didn't extend to the downside and was a bit too short on the reversal, which made the short calls rise a bit more in value then I made in the long futures-
I made 16.50 points in the futures.
I bot back some 1170 and 1175 calls for 29th of October at the open as I had to reduce the short delta a bit, but later in the day sold some 1175 calls for 29th of October again to use a short term hedge.
Did not make any adjustments to the longer term positions and as we have expirations tomorrow on the weekly's and I have a bit around 1180, so it would be good to avoid any major spike on the GDP release. Seen a bit more move in Globex last few days as well, so I need to watch that a bit as I have pretty big exposure on the weeklies.
My main strategy is to play the 1190 to 1210 levels with short calls and 1150 and below with short puts. Still as always I have a heavy overweight in the calls.


Take care.