Trading recap Thursday 21th of June

See the updated trading log here

More up action in the S&P 500 futures and we came within striking distance of filling the gap at 1344.25, high today was 1343.50.
The no supply bar from Wednesday was also confirmed with the wide up bar on increased volume yesterday = bullish
The increased voluyme is key if we are going to break above the 1352.75 July high.
We need a strong approach and blast above that level to contiune the rally. If we would have another failure in this area (1340 to 1365)it would be very bearish in my view.

See chart below of S&P 500 Emini Sep Futures (ES):

Trading wise it was all about buying ES as I had to hedge the short calls when the S&P was surging. Bought in total 15 contracts during the day and I am net long 13 contracts now. I have a bunch of weekly options expiring on Friday. Short Calls: 5x1325 and 3x1330. Short Puts 4x1295.
The puts will expire worthless, unless we have a total collapse Friday, which is less likely.
I will most likley buy back the short calls that expires today early in the session as the time value left is very little, since we are quite some way about the strikes. No point risking that a drop lower would make the time value rise considerably and maybe have to trade against the strikes. To put it this way, risk to reward keeping them to expiration is very high.

I closed the short 4x 760 Sep calls in corn for 9 1/2 per contract, making 2200 USD on the position ex commissions. My target of 669 was more or less reached as we hit low of 670. I still have one long futures open in the Corn complex.


In crude I was looking for more upside when it broke 99,50 key resistance, but only trading up to 100,06. Seems like there is still plenty of selling towards 100. Have to be careful now and keep and eye on the downside as there is a risk for stops going through if we break 98.50 support. I also sold one more 101 Sep calls for 2.36 as it failed to break higher.

Good luck