S&P has moved firmly above last week's high at 1287 and testing 1293 this very momenty. There is resistance around the 1293 to 1295 level and I would be surprised if we go higher than this level today, especially given the light volume we are seeing. I figure the larger risk is for a move back lower near term. I have added a put structure to reflect this view selling 1280 put early in the session and will continue to trade short in the futures to hedge delta.
Corn and Soybeans gave up early gains to close in the lower to middle part of the daily ranges. I am still looking to buy Crude on dips, follwing the break above the 2 day high at 94.38 overnight and looking for a move back to 95.50 to 96 over the next few sessions. Although the price action today looks quite heavy and not able to hold above 93.70 on the pullback and diping below 93 earlier. If we close below 93.70 I guess we are looking to go lower tomorrow early on at least.
Added short calls in Aug Crude options at 96 strike, selling 2x contracts for 2 USD. Did some smaller adjustments in the Euro options structure.
We have the Greek no confidence vote tonight and FOMC tomorrow, so there is plenty of unknown event risk.
Click this link to see all updates:
Trading log
Daily blog with thoughts and comments on the futures and forex markets through the eyes of Per-Erik Karlsson, Ceo at Avantage Financial, Switzerland.
Ingen kommentarer:
Legg inn en kommentar