Trades

Opens

Futures: SPI, FTMIB, GC, MPC (ASSIGNED), HSI, MXEA, ESTX50, 9434(SOFTBANK). All sales except GC

Options: Z June 18‘21 5600 Call (sale)

Closes

NQ, GE, Z CALL, all stopped out

Summary

Got a bit carried away with profits yesterday and decided to increase exposure at time of maximum panic. The authorities are promising stimulus packages today. Yesterday central banks underwhelmed, particularly Lagarde, who is out of ammunition, and generally disliked by most people, I think it’s fair to say.

Result was a lurch down as most markets rocketed. FTMIB up 14%. Must be an all time record.

For the record, and sounding like a broken record, I am still bearish.

Afternoon trades

Some bargains for the bearish which I failed to resist:

• 14:55: bought some MU puts
• 14:56: sold Russian equities (RDXUSD fut)
• 14:56: bought a few more TSLA 200 puts, now out at Oct expiry
• 14:56: bought a EWA (Aussie etf) put.

Bit lazy. Not sure all these executed. Market coming back in my direction, but I’m still down heavily.

Your margin exposure is very high, especially going into the weekend. Generally, at the end of the week traders unwind or lay off their positions. Having just written this, I put in an order to buy another RUT OCT put, with a delta of 0.22. The Russell has been good to me, and I am predisposed to put more money on it coming good again. Totally irrationally, I realize.

Trying again to get some exposure to gold, but it just can’t hold its price. I simply do not understand why promises of stimulus should be toxic for gold, but I guess it’s because gold is still seen as a non-yielding asset.