Wednesday, June 12, 2013

Corn 6/12 results

So, just prior to the release I purchase another 610 Dec call, this time for 18.7 cents... the report came out and down she went...at the low, I saw an ask of 11 cents but bids remained at 18... then after a minute or two they settled into their current value of about 16 cent... this leaves me down 2.5 on the last one and 4.5 on the 1st.... ouch... still holding as I have plenty of time and expect to see the market return to trading the weather... Need a little love to get back to even... should be able to salvage this trade...

Corn 6/12

Yo,
Bought a Dec 610 call option at the close yesterday for 20.5 cents at 550...  at 9:21 Corn is setting to open down 5 cent to 542... that sucks... got in on this trade too early ... delta on the option is 30%... Looking for the report to be Bullish and continued bad weather doesn't help...
Until 11:00...
May The Force Be With You...

Tuesday, May 28, 2013

Corn 5/28

Hello all,
Well, jumped into a put at 577 6/8 at 12.28 EST... for 32.1 cents... current reached 580 as I write... Option currently going for 30.5 cents... plan on holding overnight and through the report... will accept profits quickly as I may provide an op to go long as the weather doesn't look good for any more planting...
Think the trade is expecting 85-90%
I am looking for 91%
Also will be looking for good numbers on emergence...
Good Luck All and May The Force Be With You...

Wednesday, May 22, 2013

Corn 5/22

Welp,
Didn't take profits after the progress report and exited today for an 8 cent loss on the trade... Bought (1) Sept 550 Put for 30.3 cents at 558 just before the pop to 560 at 11:05...
Looking for 560 to hold as resistance, however the ethanol report came out and were bullish... more production less inventory... that would explain the 16 cent pop in corn today... I guess I should have seen that coming...

Monday, May 20, 2013

The Corn Progress Trade

Welp,  Here we are again... nothing to do but wait... nervous must admit...

here's the trade...


 
May The Force Be With Me....

Corn 5/20

Afternoon all,
Exited my single July Put option this morning off the pit open scare... Gave em $100, but then entered a Dec 500 Put at 518 for 31.5 and later entered a Sept 520 Put at 553 for 20.0 cents...
Expecting both contracts to trail (slowly) downward ahead of the report.  I will be holding both until tomorrow or at the electronic open tonight... if I can get a decent spread...

Currently a penny off the lows... and holding... as of 12:34

 

 


Friday, May 17, 2013

Corn 5/17

Good Friday Afternoon all,
Today was an interesting day on the ol corn market... I went in holding naked puts up a few pennies, at about 10:30 the market moved against me, but not before reaching a low, which I shoulda exited on.. Instead it started up, broke through my channel, which was my exit signal...
I was able to exit at 644 for +1.44 x 3... She then ran up and touched one of my many fib lines which told me to my short...
I bought 1 July 650 at 652 2/8 for 20.7
She then continued up and reached for 655..again a fib on one of my charts.. at which I tried to buy another one at 18.7...but no fill...
The rest of the day she traded sideways to down for a very unexciting day..
I was happy to exit with a small profit, but left nearly $300 on the table...
At the close, I tried to exit for a penny profit and set my limit at 21.7... No fill... I was the Ask at the bottom and that only lasted a second... I then replaced my order several time to try and get filled, but it was an last minute pop, which has left me holding 1 July put over the weekend..
I do not like holding options over the weekend.... and with the weather acting up... I may have screwed up...
The good news... I reduced my exposure to the market by only buying 1 put, vs my earlier position of 3... this allows me alittle comfort as my potential losses are cut by a 3rd... Indeed, the good news is that I did not hesitate and exited my positions while they were still profitable... So... thats the update... got the crop progress report on Monday after the close and with any luck I will gain enough with this position as to not add...I am getting in alittle over my head as we still have not direction in this market... as that is the main reason I am happy to only be holding 1 in lieu of 3...
The plan for next week... look for a re-rest of highs prior to the report...if we get it add 1 position before the close and hold ...