torsdag 28. juli 2011

Trading recap Thursday 28th of July

See full trading log here

Another weak session by S&P500 futures and it could not hold above 1311 resistance and closed once again at the very low end of the daily range.
Volume was at 1,9m contracts in the S&P500 emini futures (ES), which is much higher than we have seen on recent up bars. So there is clearly some serious selling going on in the S&P. Today's down bar also confirms the wide down day on very high volume yesterday as selling. The reason for that is if it had been buying in yesterday's bar, today should have been up.

Chart image of S&P 500 emini below:

Trading wise it was more selling of calls for expiration tomorrow, both in the 1310 strike and 1300 strike. As I mentioned yesterday, the next stop is for a test of 1290 I reckon. US deficit deal is the major focus of the markets now. Time for the people in Washington to get moving, only 101 hours left to default.

I bought some EURCHF (1 lot) at 1,1494, because the CHF looks very expensive here and I think we will be back at 1,18 fairly soon as the US debt plan is passed.
This should also send Gold lower, key support in gold at 1580 at the moment.

I closed the crude structure for a loss of 3650 and opened a new one, strangle ratio position where I sold 5 x Sep 95 puts and sold 3 x Sep 99 calls.
Reason was that 101 strike is getting a bit far away from current price 97 and it is rangebounde. This structure leaves me with a slightly bullish bias and we need to see some decent directional moves before I lose money. The zig zag up and down the recent range has been dificult to trade, so wanted to get out of that situation.

Good Luck

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