After yesterday's route in the market, things have quieted down today, so to speak. At 2:30 pm CST, the DJIA is down "only" 160 points, the S&P 500 down 8.3. We're still above October's lows.
The uptrend identified last week is coming under pressure. Be watchful and careful. After my stops where executed yesterday, I'm about 85 percent in cash. I think I'll stay there for a while.
I did some trades in the futures market yesterday, with mixed results. Even these markets are a challenge. And oil is impossible right now, down 4.70 a barrel, just today. A month ago, who would have thought oil would be $15 lower. If I hadn't been on vacation -- oh well, should haves have no place in right thinking. Move on.
I bought 1 contract of gold (GCZ18) December 2018 at 1202.2. I placed my stop loss at 1200.9, or 1.30 below entry. That's a pre-defined loss of $130. A little tight.
Later, in another account, I bought 2 contracts of GCZ18 at 1202.5. Here, I placed the stop at 1200.0, for a maximum loss of $500. This provided a bit more wiggle room.
The first contract was stopped out at 1200.9. Loss of $130. The second position for 2 contracts held and as the price moved up toward 1205, I moved the stop to 1203.5. The price action didn't hold and I was stopped out at 1203.5, for a gain of $200.
Net gain was $70.00.
Just couldn't seem to find a strong move up, but I didn't lose any money, so I'm alive to fight another day.
Futures trade profits since Aug 1 stand about $3,300.
Portfolio Return as of 05/20/22:
The wheels are coming off the economy and the stock market has suffered one of its worst two month sell offs in American history, but that’s...
Climate change activists are not just interested in reducing carbon emissions in order to "save the planet." Their underlying desi...
High-yield bonds are sending the stock market a warning sign. This is not a prediction, but a leading indicator. Just because it's happe...
There are numerous posts on this blog, and millions on other blogs and news sites, on the subject of what the rich do different, but it'...