Last couple trading days had great mornings and gave some back in the afternoon. I do think the Active Trades we are in below will make us forget about the late afternoon stop outs, but that’s why I put the stops in, to make sure we don’t get into deeper trouble, and then not be afraid if the signs are there to keep profiting from what I see as the bigger move; in this case lower in nat gas and higher in /ES up to 2800 or more. Even nibbled at miners today for profit, showing I am keeping one eye on them. The Active Trades below are TQQQ bidding 49.25, LABU bidding 45 and SOXL bidding 96.30. In other words, only slightly down as I type with /ES at 2728.94.
Economic Data For Tomorrow
Core CPI big one tomorrow and can have a little effect on markets and metals. Powell speaking tomorrow.
http://www.investing.com/economic-calendar/
Today being a Professionals Day, I can’t complain too much about the trading conducted. I am actually very much looking forward to tomorrow. I would like to get more out of the current trades than just a scalp, but could have sold out for more on the trades when we were long them when we hit 2755. On a Professionals Day, we got whipped around but we did ok overall. Oil going lower still putting pressure on this market.
Foreign Markets
YINN responded to the 3 days in the Cold Corner well with a nice day but RUSL was negative still today. It is following the oil trade down. When oil pops up, RUSL should too.
Interest Rates
TMF fell today with the Dow down but /ES up. Interesting move. Higher rates aren’t good for the market and will see where they go as the market moves up. Slight lean to TMF.
Yesterday I wrote: “Setting up sometime this week for a big DGAZ trade. We won’t miss that one.” We got in on a good morning trade and took profit but look what they did once real money came in. We had a net profit and are long again, but what a crazy day in nat gas. We’ll keep trading it well but look for that run to 8 or more once we get some short covering.
Last night for oil I wrote; “Will look down still before up but OPEC still can cause wrinkles.” OPEC did cause wrinkles as well as Trump’s comments on Saudi Arabia and down oil went. We are soon setting up for a great trade and should now have one eye on oil.
Precious Metals and Mining
Last night I wrote, “Could get a small little sympathy rally with the market rise though.” Well, we did get a small rise but market had no follow through. The dollar was lower and it helped, but the dollar stayed lower and metals and miners gave up. We are close but not ready yet and keeping one eye on metals and miners.
