Kudos to MMs

Quote from kinggyppo:

? sitting on the line here on the daily buy em under 1050.
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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.
 
Quote from nitro:

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.
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Well you are not alone. Markets been chopping around pretty good. I am slightly bulllish here.
 
Quote from nitro:

Bought ES @ 1079.50 (and some SPY for residual risk) to go delta neutral on the BWB (broken wing butterfly). I don't make much money here to either side until I take this off, or a big move to the downside occurs. I am protecting decent gains.

As a benefit, I can do some gamma and vomma scalping until I think it becomes more directional. I need to keep up with theta.
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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%.
 
Quote from nitro:

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Oil futures signaling that today may be a difficult day for equities, at least on the open and morning. The consumer is ill, but $80 oil imo is the pivot that puts a bullet in the consumer's head. High prices are the best cure for high prices, or so you would think until $150/Barrel.
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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.
 
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