Week of October 13

One of the most important weeks of the year.

Recap of last week

Great week for us last week. We took 2 ES trades, both winners.

We leaned on 6750/6760 for support which both instances provided bounces of up to 30-40 pts.

But ultimately, the biggest win of last week is we had very little long exposure going into the -270bps down day for the SPX.

We said we’re not doing any ES swing longs (or any outright long options either) 3 days before the market crashed.

The most bullish positions we have on are Dec 31 risk reversals, bought when spot was around here, so we are sitting pretty. Plenty of cash to deploy. Does BTFD suddenly stop working?

Next move for markets