It was a very volatile and once more news driven session. We had the intial weakness that I pointed out in the report yesterday, which saw us gap lower at the open in the S&P 500 by 12.75 points. Pretty much risk off in the morning as we saw Crude oil take a bit hit on news that US will release 60 million barrels of strategic reserves to help the tight supplies. Crude traded below 90 USD briefly. I reckon the market reaction is a bit overdone given the fact that US is consuming about 25 million barrels per day. Anyway, the market is always right and down the Euro went as well. Corn also opened about 30 points down, but had a huge turn around and actually closing up a few points. That is a crazy comeback. We still have the key USDA release 30th of June, keep that i mind. Could see a big move on that release.
Trading wise I did a fair amount of trades, please check out the log to see all the trades, today's trades have been marked in red.
trading log
The most important for today was that I closed the Crude oil structure that I have had on for about a week and a half, making 4017,50 USD on that one, very nice.
Daily blog with thoughts and comments on the futures and forex markets through the eyes of Per-Erik Karlsson, Ceo at Avantage Financial, Switzerland.
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