2011-07-29th (Fri)

At the end of the previous trading session I had the following positions;
Long 300,000 USDJPY with ACB of 79.438
Long 300,000 USDCAD with ACB of 0.95915

In today's trading session US Markets continued to fall due to debt-ceiling talks fears and bad GDP numbers.

Article - "National Income and Product Accounts, Gross Domestic Product: Second Quarter 2011 (Advance Estimate), Revised Estimates: 2003 through First Quarter 2011"
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
http://www.bea.gov/newsreleases/national/gdp/gdphighlights.pdf

Traders sold short-term and bought long-term treasuries, bought gold, raised cash.

I am currently watching the debate on Capital Hill as House Republicans attempt to pass the debt legislation proposed by Speaker John Boehner.

JB's legislation has pros and cons, and more negatives in my humble opinion.  However, it may be the best idea we have on the table so far to kick the can down the road, and kick the can down the road we must.

Article - "Eurozone inflation unexpectedly falls to 2.5 pct - Eurozone inflation down unexpectedly to 2.5 pct, lowering chance of rate hike in coming months"
http://finance.yahoo.com/news/Eurozone-inflation-apf-3541779064.html;_ylt=AthPDlyG8Snt7yBjLNyvInmxba9_;_ylu=X3oDMTFlbG1kM211BHBvcwMxNARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNldXJvem9uZWluZmw-?x=0

Article - "JPMorgan to exit tax lien business - JPMorgan to exit tax lien business it took on with acquisition of Bear Stearns"
http://finance.yahoo.com/news/JPMorgan-to-exit-tax-lien-apf-3634708072.html;_ylt=AjVCW1f_3dL0RgnOIznpb3axba9_;_ylu=X3oDMTFlazU2NnZjBHBvcwM2MwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNqcG1vcmdhbnRvZXg-?x=0

Article - "Dry streak becoming worrisome for Indiana farmers - Weeks of hot, dry weather across Indiana has farmer becoming worried about success of crops"
http://finance.yahoo.com/news/Dry-streak-becoming-worrisome-apf-1089405524.html;_ylt=Aknzg8OxMBnXH.IgxfgvAg.xba9_;_ylu=X3oDMTFlNjg0amJ1BHBvcwM1OQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkcnlzdHJlYWtiZWM-?x=0

We did some day-trading today as follows;

Buy-To-Open 25 contracts Dow 30 Index at 12179.10 (2011-07-29, 14:21 pm EST)

Stop Sell-To-Close 25 contracts Dow 30 Index at 12187.00 (2011-07-29, 14:50 pm EST) for an insignificant profit.

Sell-To-Open 45 contracts Dow 30 Index at 12188.80 (2011-07-29, 15:12 pm EST)

Stop Buy-To-Close 45 contracts Dow 30 Index at  12160.80 (2011-07-29, 15:55 pm EST) for a small profit.

My Stop Order for the 25 contract position performed well to alert me of a point-of-inflection, and subsequently allowed me to trade the trend reversal.

My Stop Order for the 45 contract position was set at minimum-acceptable-gain level.

Currently I have the following positions;
Long 300,000 USDJPY with ACB of 79.438
Long 300,000 USDCAD with ACB of 0.95915

USDJPY closed at 76.747 (2011-07-29, 17:00 pm EST)
USDCAD closed at 0.95515 (2011-07-29, 17:00 pm EST)

Our first line of credit was activated on 2011-06-16th (Thurs) and our second line of credit was activated on 2011-06-29th (Wed).

Total equity is 1% of June 1st and we are committed to trade ourselves back to our High Water Mark.

Stay Tuned,

Jeff
(2011-07-29, 18:35 pm EST)