I'm currently short July rice with a nice profit and I'm close to closing out the trade but it may run another 2-3 days. Tomorrow is the first position date and first notice date ... since I am short am I correct in assuming I do not need to close out the position until July 7 (the last trading date)? Or do I need to close it out tonight? The position is held with IB. SSB
usually first notice that is correct I believe though I would check with IB, at least with the softs I've known that to be the case...but you better check in case they decide to close it out for you.
Should have checked their website, they say this about the closeout deadline: So I have another week or so....
1) Get out "at the market" before the bid-ask in July widens out against you. :eek: 2) Roll into September if you want to maintain the position and not "scare" your clearing firm.
Its a bit illiquid but if you are not the elephant in the market and trading a few cars and use the correct entry and exit strategies, its an excellent market - Trends & Trends & Trends. Its much better than day trading the highly liquid index future emini casino.
We entered the illiquid Rice a few days ago - now its showing its propensity of tearing away in a straight line trend equation. We shall be holding it through the WASDE report due out in an hour. It matters not if on pit session open it is limit down as we have a healthy profit cushion to absorb any downside accidents. But sods law says its going limit up. Enjoy