I am holding steady on the hedged BWB. I will decide what to do in the next couple of days. As I stated, I am a bit confused by market action here.
from 869 spx last three pullbacks have made the same percentage retrace so far.... this 4th pullback is no exception
Out L ES @1039.75, -39.75. The options positions easily covered this loss, but some of my gains in the BWB eroded due to skew. The real loss was opportinity loss. I am now leaning short, but I do not particularly like the BWB strikes here. I will roll this to different strikes as I get a feel for market action in the next two days.
I realize now that I have become something of a reliable "fade". I suggest that anyone interested in a quick buck just do the opposite of whatever I'm touting that moment.... I feel like a silent moment before hara-kiri would be in order....
5 delta FED raises interest rates .25, at least it is non-zero in some parallel universe. The language likely to change subtlely once again. Imo, the rigth level for FFs is ~1.50%.
I still believe this, and it is innevitable that the price of the daily consumables are going to rise, giving the consumer a hernia. When I wrote this it was much much worse, but $3 a gallon of gasoline (Diesel, plastics, etc) hurts today as well.