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.
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