Trading recapTuesday 5th of July

Good evening,
Take a look at the latest trading log here

The S&P 500 futurs traded to a high of 1337 today, 0.50 points above Friday's high. Today's volume was relativly very low, 1.377m S&P 500 Emini contracts traded, which is the lowest volume day since the September became the front month. The next key resistance is now the 1340.25 high from 31st of May. Technically the bullish momentum is strong above today's low at 1329.25. The key support is down at the 1317, the break out level from Friday.

Trading wise I added one more 1320 put for 15 of July expiration, because I think the risk on theme will be supported for another few sessions and that is a decent hedge against the short 1340 Aug and 1350 Aug calls.

Crude had a nice break out above 96 key resistance and I went long at 96.05 and took profit at 96.50.

I also closed the Euro structure for a total profit of 237 USD on the 2 put spread done over the last week. Given that we didn't see the move towards 1.4350 I was looking for it was decent as the % payback on the premium paid was 54%.

In general I like to put my main focus on making money and not so much about being correct on all the analysis. The point is that the risk management and position adjustment are very important. Because most of the time I will not be spot on with the analysis, so it becomes very important to be able to make money even though one is a bit off on the market analysis.

Good luck