At the end of the previous trading session I had the following position;
Long 300,000 USDCAD with ACB of 0.96662
In today's trading session all US markets rose on positive sentiment.
Given today's news reporting one would think the general public has already forgotten the volatlity we experienced the last months.
There were various data points released today;
US June Institute of Supply Management (ISM).
China June ISM by the China Federation of Logistics and Purchasing and National Bureau of Statistics.
British June PMI manufacturing activity by the Markit/CIPS purchasing managers index.
Larry Levin's newsletter referred to an article which I found interesting, and I want to know how I can legally make money from this phenomenon.
Article - "Chicago's PMI News Release uncovers significant delays in OPRA 06/30/2011"
http://www.nanex.net/Research/OPRA_063011/OPRA_063011.html
Yesterday 2011-06-30th (Thurs) I wrote about Alan Greenspan's interview at the Aspen Ideas Festival, and I found an article in the news reiterating his view.
Article - "Alan Greenspan still gloomy on Greece, U.S. economy"
http://finance.yahoo.com/news/Alan-Greenspan-still-gloomy-cnnm-4212126222.html?x=0&sec=topStories&pos=2&asset=&ccode=
I will be taking some time off during the July 1st & 4th weekend to celebrate the freedom we enjoy.
Currently I have the following position;
Long 300,000 USDCAD with ACB of 0.96662
USDCAD is currently 0.95849 (2011-07-01, 18:50 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 10% of June 1st and we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-07-01, 18:58 pm EST)
Friday, July 1, 2011
Thursday, June 30, 2011
2011-06-30th (Thurs)
At the end of the previous trading session I had the following position;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
In today's trading session all US markets rose on positive sentiment.
A few more days like this and the general public will forget the volatlity we experienced the last months.
Article - "Stocks rise as Greece clears final bailout hurdle - Stocks jump after Greece clears way for rescue loans; Chicago area manufacturing picks up"
http://finance.yahoo.com/news/Stocks-rise-as-Greece-clears-apf-2176630239.html?x=0&sec=topStories&pos=5&asset=&ccode=
Article - "China manufacturing slows: omen for weaker growth - China manufacturing slows on sluggish orders, growing inventories, as credit curbs take hold"
http://finance.yahoo.com/news/China-manufacturing-slows-apf-4069469863.html;_ylt=Aukf1JUoKwMzc7rLKwTfP0axba9_;_ylu=X3oDMTFkaGhlNXFxBHBvcwMyBHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA2NoaW5hbWFudWZhYw--?x=0
Alan Greenspan was interviewed today at the Aspen Ideas Festival, his position was more or less the same as his book "The Age of Turbulence".
When Maria Bartiromo asked Greenspan his view on the Greek debt contagion situation he gave a long winded answer.
Then just before the cameras cut to a new segment Maria reflexively added a follow-up question "... so you think xxx is going to default?..." and Greenspan relexively answered "... Yeah yeah... ".
Timothy Geithner was quoted or mis-quoted in the news today, and I will leave history to interpret accordingly.
Personally I think Secretary Geithner did a great job, and perhaps he intends to leave the legacy of buying the Nation a lifeline by extending the debt ceiling and buying us time to dig ourselves out of our debt, so Bernanke can print us out of it. His book will be an interesting read.
A Stop Sell Order was automatically triggered earlier.
Sell-To-Close 5 contracts US WTI Crude Aug 2011 at 94.850 (2011-06-30, 03:36 am EST) for a significant loss.
Sell-To-Close 5 contracts US WTI Crude Aug 2011 at 94.680 (2011-06-30, 04:07 am EST) for a significant loss.
Buy-To-Open 300,000 USDCAD at 0.96662 (2011-06-30, 04:16 am EST)
Currently I have the following position;
Long 300,000 USDCAD with ACB of 0.96662
USDCAD is currently 0.96312 (2011-06-30, 23:42 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).
We end June 2011 with total equity at 15% of June 1st, humiliated and humbled.
With the lessons learnt we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-30, 23:49 pm EST)
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
In today's trading session all US markets rose on positive sentiment.
A few more days like this and the general public will forget the volatlity we experienced the last months.
Article - "Stocks rise as Greece clears final bailout hurdle - Stocks jump after Greece clears way for rescue loans; Chicago area manufacturing picks up"
http://finance.yahoo.com/news/Stocks-rise-as-Greece-clears-apf-2176630239.html?x=0&sec=topStories&pos=5&asset=&ccode=
Article - "China manufacturing slows: omen for weaker growth - China manufacturing slows on sluggish orders, growing inventories, as credit curbs take hold"
http://finance.yahoo.com/news/China-manufacturing-slows-apf-4069469863.html;_ylt=Aukf1JUoKwMzc7rLKwTfP0axba9_;_ylu=X3oDMTFkaGhlNXFxBHBvcwMyBHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA2NoaW5hbWFudWZhYw--?x=0
Alan Greenspan was interviewed today at the Aspen Ideas Festival, his position was more or less the same as his book "The Age of Turbulence".
When Maria Bartiromo asked Greenspan his view on the Greek debt contagion situation he gave a long winded answer.
Then just before the cameras cut to a new segment Maria reflexively added a follow-up question "... so you think xxx is going to default?..." and Greenspan relexively answered "... Yeah yeah... ".
Timothy Geithner was quoted or mis-quoted in the news today, and I will leave history to interpret accordingly.
Personally I think Secretary Geithner did a great job, and perhaps he intends to leave the legacy of buying the Nation a lifeline by extending the debt ceiling and buying us time to dig ourselves out of our debt, so Bernanke can print us out of it. His book will be an interesting read.
A Stop Sell Order was automatically triggered earlier.
Sell-To-Close 5 contracts US WTI Crude Aug 2011 at 94.850 (2011-06-30, 03:36 am EST) for a significant loss.
Sell-To-Close 5 contracts US WTI Crude Aug 2011 at 94.680 (2011-06-30, 04:07 am EST) for a significant loss.
Buy-To-Open 300,000 USDCAD at 0.96662 (2011-06-30, 04:16 am EST)
Currently I have the following position;
Long 300,000 USDCAD with ACB of 0.96662
USDCAD is currently 0.96312 (2011-06-30, 23:42 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).
We end June 2011 with total equity at 15% of June 1st, humiliated and humbled.
With the lessons learnt we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-30, 23:49 pm EST)
2011-06-29th (Wed)
At the end of the previous trading session I had the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 10 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets continued to rally on positive sentiment.
President Obama held a press conference and I infer the national debt ceiling issue will be resolved, although we should expect to see brinkmanship until the last moment and through July 4th.
Article - "IMF urges US lawmakers to raise $14.3T debt limit - International Monetary Fund urges US lawmakers to raise $14.3T borrowing limit, cut deficits"
http://finance.yahoo.com/news/IMF-urges-US-lawmakers-to-apf-694120406.html;_ylt=AhDx__MlrQsQzgUYK_gKgC.xba9_;_ylu=X3oDMTFlaTljOTllBHBvcwM4OQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNpbWZ1cmdlc3VzbGE-?x=0
Greece passed their austerity vote as expected, although that brinkmanship created whip-lash volatility in the markets.
Article - "Greece passes steep cuts as riots seize capital - Greece backs austerity measures, holding off default, but protests against bill are violent"
http://finance.yahoo.com/news/Greece-passes-steep-cuts-as-apf-1551356180.html;_ylt=AsQ_S9ulEEfZ0BWkxf1aMXexba9_;_ylu=X3oDMTFlcXY5YnFuBHBvcwMxNQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VwYXNzZXM-?x=0
End-of-Quarter Window Dressing is not typical in the markets I observe but may play a role.
A Stop Sell Order was automatically triggered earlier.
Sell-To-Close 10 contracts US Wheat Sep 2011 at 674.38 (2011-06-29, 10:54 am EST) for a significant loss.
Currently I have the following position;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
US WTI Crude Aug 2011 is currently 95.085 (2011-06-30, 00:01 am EST)
I have placed appropriate Stop Loss Orders to preserve our Trading Capital and Mental Capital.
Our first line of credit was activated on 2011-06-16th (Thurs) and our second line of credit was activated today.
We have sufficient available margin to massively pile on when opportunity comes.
Total equity is 15% of June 1st and we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-30, 00:07 am EST)
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 10 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets continued to rally on positive sentiment.
President Obama held a press conference and I infer the national debt ceiling issue will be resolved, although we should expect to see brinkmanship until the last moment and through July 4th.
Article - "IMF urges US lawmakers to raise $14.3T debt limit - International Monetary Fund urges US lawmakers to raise $14.3T borrowing limit, cut deficits"
http://finance.yahoo.com/news/IMF-urges-US-lawmakers-to-apf-694120406.html;_ylt=AhDx__MlrQsQzgUYK_gKgC.xba9_;_ylu=X3oDMTFlaTljOTllBHBvcwM4OQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNpbWZ1cmdlc3VzbGE-?x=0
Greece passed their austerity vote as expected, although that brinkmanship created whip-lash volatility in the markets.
Article - "Greece passes steep cuts as riots seize capital - Greece backs austerity measures, holding off default, but protests against bill are violent"
http://finance.yahoo.com/news/Greece-passes-steep-cuts-as-apf-1551356180.html;_ylt=AsQ_S9ulEEfZ0BWkxf1aMXexba9_;_ylu=X3oDMTFlcXY5YnFuBHBvcwMxNQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VwYXNzZXM-?x=0
End-of-Quarter Window Dressing is not typical in the markets I observe but may play a role.
A Stop Sell Order was automatically triggered earlier.
Sell-To-Close 10 contracts US Wheat Sep 2011 at 674.38 (2011-06-29, 10:54 am EST) for a significant loss.
Currently I have the following position;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
US WTI Crude Aug 2011 is currently 95.085 (2011-06-30, 00:01 am EST)
I have placed appropriate Stop Loss Orders to preserve our Trading Capital and Mental Capital.
Our first line of credit was activated on 2011-06-16th (Thurs) and our second line of credit was activated today.
We have sufficient available margin to massively pile on when opportunity comes.
Total equity is 15% of June 1st and we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-30, 00:07 am EST)
Wednesday, June 29, 2011
2011-06-28th (Tues)
At the end of the previous trading session I had the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 20 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session there were multiple global and domestic events, the net effect is US markets rallied on positive sentiment in my opinion. Although that can change tomorrow once we know the results of the Greek austerity vote.
History will faithfully record those events, so I will leave them out of this report, and will only record my trades.
I surrended a portion of my positions yesterday even though I still feel if I have cash today I would add to my positions. I did so because I needed to free up available margin in case the markets continue to run against me.
Much to my relief, the markets did not continue to slide but instead rose slightly in today's trading session.
Sell 10 contracts US Wheat Sep 2011 at 654.13 (2011-06-28, 04:21 am EST) for a significant loss.
Currently I have the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 10 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 92.955 (2011-06-29, 01:41 am EST)
US Wheat Sep 2011 is currently 682.88 (2011-06-29, 01:41 am EST)
I have placed appropriate Stop Loss Orders to preserve our Trading Capital and Mental Capital.
We now have sufficient available margin to go shopping when the market throws a sale.
Our first line of credit was activated on 2011-06-16th (Thurs) and I will be drawing down our second line of credit in anticipation of major market buying opportunities.
Total equity is 13% of June 1st and we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-29, 01:56 am EST)
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 20 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session there were multiple global and domestic events, the net effect is US markets rallied on positive sentiment in my opinion. Although that can change tomorrow once we know the results of the Greek austerity vote.
History will faithfully record those events, so I will leave them out of this report, and will only record my trades.
I surrended a portion of my positions yesterday even though I still feel if I have cash today I would add to my positions. I did so because I needed to free up available margin in case the markets continue to run against me.
Much to my relief, the markets did not continue to slide but instead rose slightly in today's trading session.
Sell 10 contracts US Wheat Sep 2011 at 654.13 (2011-06-28, 04:21 am EST) for a significant loss.
Currently I have the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 10 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 92.955 (2011-06-29, 01:41 am EST)
US Wheat Sep 2011 is currently 682.88 (2011-06-29, 01:41 am EST)
I have placed appropriate Stop Loss Orders to preserve our Trading Capital and Mental Capital.
We now have sufficient available margin to go shopping when the market throws a sale.
Our first line of credit was activated on 2011-06-16th (Thurs) and I will be drawing down our second line of credit in anticipation of major market buying opportunities.
Total equity is 13% of June 1st and we are committed to trade ourselves back to our High Water Mark.
Stay Tuned,
Jeff
(2011-06-29, 01:56 am EST)
Tuesday, June 28, 2011
2011-06-27th (Mon)
At the end of the previous trading session I had the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets rose in another whip-lash session. I am happy the S&P500 200-Day Support held today, but I am seeing if it will hold through the soon to be released PMI data.
I saw good news from Bernanke as he announced QE3 in my opinion.
Article - "Fed May Buy $300 Billion in Treasuries After QE2"
http://finance.yahoo.com/news/Fed-May-Buy-300-Billion-in-bloomberg-1457319130.html;_ylt=Ak2_x5xz6bQMxVJZfJMT5vS7YWsA;_ylu=X3oDMTE1aWZlcGNuBHBvcwM0BHNlYwN0b3BTdG9yaWVzBHNsawNmZWRtYXlidXkzMDA-?x=0&sec=topStories&pos=1&asset=&ccode=
Regarding Oil, I consider the recently announced release of 60 million barrels Brent Crude Oil from various Strategic Petroleum Reserves (SPR's) to be ineffective, I wrote more about that in Thursday's report 2011-06-23rd (Thurs).
To give the reader some perspective;
Daily global oil demand is approximately 89 million barrels Brent Crude Oil (Not WTI).
The amount of Brent Crude Oil (Not WTI) to be released, 2 million barrels per day for the next 30 days, represents 2.2% of daily global oil demand.
The total release of 60 million barrels Brent Crude Oil (Not WTI) covers only what the world uses roughly every 16 hours.
Half of the release, or 30 million barrels Brent Crude Oil (Not WTI) will come from the US Strategic Petroleum Reserve (SPR).
30 million barrels Brent Crude Oil (Not WTI) represents less than two days' worth of US domestic oil consumption and about three days of oil imports.
Regarding Wheat, I consider Global Supply Shortage and Global Demand Increase to be the case, and should push prices higher.
However, the market is proving me wrong and I am losing money in both positions.
Ultimately as a Trader only the trades matter.
I surrended a portion of my positions today even though I still feel if I have cash today I would add to my positions. I did so because I needed to free up available margin in case the markets continue to run against me.
Sell 10 contracts US Wheat Sep 2011 at 653.90 (2011-06-27, 11:46 pm EST) for a significant loss.
Sell 5 contracts US Wheat Sep 2011 at 654.13 (2011-06-27, 11:46 pm EST) for a significant loss.
Sell 10 contracts US WTI Crude Aug 2011 at 90.57 (2011-06-28, 02:59 am EST) for a significant loss.
Currently I have the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 20 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 91.050 (2011-06-28, 03:26 am EST)
US Wheat Sep 2011 is currently 654.75 (2011-06-28, 03:26 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 5% of June 1st, and a major humiliation. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-28, 03:29 am EST)
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets rose in another whip-lash session. I am happy the S&P500 200-Day Support held today, but I am seeing if it will hold through the soon to be released PMI data.
I saw good news from Bernanke as he announced QE3 in my opinion.
Article - "Fed May Buy $300 Billion in Treasuries After QE2"
http://finance.yahoo.com/news/Fed-May-Buy-300-Billion-in-bloomberg-1457319130.html;_ylt=Ak2_x5xz6bQMxVJZfJMT5vS7YWsA;_ylu=X3oDMTE1aWZlcGNuBHBvcwM0BHNlYwN0b3BTdG9yaWVzBHNsawNmZWRtYXlidXkzMDA-?x=0&sec=topStories&pos=1&asset=&ccode=
Regarding Oil, I consider the recently announced release of 60 million barrels Brent Crude Oil from various Strategic Petroleum Reserves (SPR's) to be ineffective, I wrote more about that in Thursday's report 2011-06-23rd (Thurs).
To give the reader some perspective;
Daily global oil demand is approximately 89 million barrels Brent Crude Oil (Not WTI).
The amount of Brent Crude Oil (Not WTI) to be released, 2 million barrels per day for the next 30 days, represents 2.2% of daily global oil demand.
The total release of 60 million barrels Brent Crude Oil (Not WTI) covers only what the world uses roughly every 16 hours.
Half of the release, or 30 million barrels Brent Crude Oil (Not WTI) will come from the US Strategic Petroleum Reserve (SPR).
30 million barrels Brent Crude Oil (Not WTI) represents less than two days' worth of US domestic oil consumption and about three days of oil imports.
Regarding Wheat, I consider Global Supply Shortage and Global Demand Increase to be the case, and should push prices higher.
However, the market is proving me wrong and I am losing money in both positions.
Ultimately as a Trader only the trades matter.
I surrended a portion of my positions today even though I still feel if I have cash today I would add to my positions. I did so because I needed to free up available margin in case the markets continue to run against me.
Sell 10 contracts US Wheat Sep 2011 at 653.90 (2011-06-27, 11:46 pm EST) for a significant loss.
Sell 5 contracts US Wheat Sep 2011 at 654.13 (2011-06-27, 11:46 pm EST) for a significant loss.
Sell 10 contracts US WTI Crude Aug 2011 at 90.57 (2011-06-28, 02:59 am EST) for a significant loss.
Currently I have the following positions;
Long 10 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 20 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 91.050 (2011-06-28, 03:26 am EST)
US Wheat Sep 2011 is currently 654.75 (2011-06-28, 03:26 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 5% of June 1st, and a major humiliation. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-28, 03:29 am EST)
Monday, June 27, 2011
2011-06-24th (Fri)
At the end of the previous trading session I had the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In Friday 24th's trading session all US markets fell. I am watching the S&P500 200-Day Support like a hawk, and also have my eye on the soon to be released PMI data.
The daily soap opera from the Eurozone is getting annoying, with each piece of red herring released by the media tossing the market in opposite direction. I feel like I am riding the Harry Potter ride in Universal Studios Orlando Florida.
Attending Freedom Trader Intensive by Courtney Smth was the highlight of the week, and I realized how reckless I was in risk management and capital preservation. As evidenced by the horrific results of this Futures Contracts Portfolio since June 15th, it took only 10 trading days to destroy the gains we made in the month of May.
China continues to buy up the world and plan for its future, some additional headlines caught my eye;
Article - "China eyes Canada oil, US's energy nest egg - China eye share in Canadian oil, America's energy nest egg, but environmental hurdles loom"
http://finance.yahoo.com/news/China-eyes-Canada-oil-USs-apf-273845214.html;_ylt=AsOF4gbff.aQemqT4ku6wxCxba9_;_ylu=X3oDMTFlNW11OW8wBHBvcwMzMwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWV5ZXNjYW4-?x=0
Article - "Chinese premier visits Shakespeare's birthplace - Chinese premier Wen Jiabao, reportedly a big fan of the Bard, visits Shakespeare's birthplace"
http://finance.yahoo.com/news/Chinese-premier-visits-apf-2416407680.html;_ylt=AsQh_nW.RgsgpgJmrhi_jz6xba9_;_ylu=X3oDMTFlc3E0ZmM3BHBvcwMxNQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluZXNlcHJlbWk-?x=0
I am continuing to assess if I should liquidate my positions to Cash, but could not find anything interesting enough to Long or Short.
If I had Cash today, I would Long WTI Crude Oil and Wheat at their current levels, therefore I am maintaining my positons.
Regarding Oil, I consider the recently announced release of 60 million barrels Brent Crude Oil from various Strategic Petroleum Reserves (SPR's) to be ineffective, I wrote more about that in Thursday's report 2011-06-23rd (Thurs).
Regarding Wheat, I consider Global Supply Shortage and Global Demand Increase to be the case, and should push prices higher.
Article - "Commodities Rallying From Worst Streak Since ‘08 on Shortages"
http://www.businessweek.com/news/2011-06-26/commodities-rallying-from-worst-streak-since-08-on-shortages.html
However, the market is proving me wrong and I am losing money in both positions.
Currently I have the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 90.675 (2011-06-27, 00:03 am EST)
US Wheat Sep 2011 is currently 653.00 (2011-06-27, 00:03 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 4% of June 1st, and a major humiliation. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-27, 00:04 am EST)
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In Friday 24th's trading session all US markets fell. I am watching the S&P500 200-Day Support like a hawk, and also have my eye on the soon to be released PMI data.
The daily soap opera from the Eurozone is getting annoying, with each piece of red herring released by the media tossing the market in opposite direction. I feel like I am riding the Harry Potter ride in Universal Studios Orlando Florida.
Attending Freedom Trader Intensive by Courtney Smth was the highlight of the week, and I realized how reckless I was in risk management and capital preservation. As evidenced by the horrific results of this Futures Contracts Portfolio since June 15th, it took only 10 trading days to destroy the gains we made in the month of May.
China continues to buy up the world and plan for its future, some additional headlines caught my eye;
Article - "China eyes Canada oil, US's energy nest egg - China eye share in Canadian oil, America's energy nest egg, but environmental hurdles loom"
http://finance.yahoo.com/news/China-eyes-Canada-oil-USs-apf-273845214.html;_ylt=AsOF4gbff.aQemqT4ku6wxCxba9_;_ylu=X3oDMTFlNW11OW8wBHBvcwMzMwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWV5ZXNjYW4-?x=0
Article - "Chinese premier visits Shakespeare's birthplace - Chinese premier Wen Jiabao, reportedly a big fan of the Bard, visits Shakespeare's birthplace"
http://finance.yahoo.com/news/Chinese-premier-visits-apf-2416407680.html;_ylt=AsQh_nW.RgsgpgJmrhi_jz6xba9_;_ylu=X3oDMTFlc3E0ZmM3BHBvcwMxNQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluZXNlcHJlbWk-?x=0
I am continuing to assess if I should liquidate my positions to Cash, but could not find anything interesting enough to Long or Short.
If I had Cash today, I would Long WTI Crude Oil and Wheat at their current levels, therefore I am maintaining my positons.
Regarding Oil, I consider the recently announced release of 60 million barrels Brent Crude Oil from various Strategic Petroleum Reserves (SPR's) to be ineffective, I wrote more about that in Thursday's report 2011-06-23rd (Thurs).
Regarding Wheat, I consider Global Supply Shortage and Global Demand Increase to be the case, and should push prices higher.
Article - "Commodities Rallying From Worst Streak Since ‘08 on Shortages"
http://www.businessweek.com/news/2011-06-26/commodities-rallying-from-worst-streak-since-08-on-shortages.html
However, the market is proving me wrong and I am losing money in both positions.
Currently I have the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 90.675 (2011-06-27, 00:03 am EST)
US Wheat Sep 2011 is currently 653.00 (2011-06-27, 00:03 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 4% of June 1st, and a major humiliation. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-27, 00:04 am EST)
Thursday, June 23, 2011
2011-06-23rd (Thurs)
At the end of the previous trading session I had the following positions;
Long 25 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session markets fell in reaction to Bernanke's indication the Fed will cease additional monetary stimulus after the current $600 billion program runs out at the end of June.
The Labor Department said applications for unemployment benefits rose by 9,000 to 429,000 last week, the biggest rise in a month. That means more people are seeking help after being laid off from their jobs.
In the worst possible timing, border line political plunder, or just get all the bad news out already category;
The uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day, and the International Energy Agency said roughly 132 million barrels of Libyan light, sweet crude had been removed from the world market as of May.
After the unrest in Lybia started in February, talks started in April, and took until today the International Energy Agency consisting of 28 total countries including the USA to announce they will release and sell 60 million barrels of crude from emergency stocks.
http://www.iea.org/country/index.asp
To give the reader some perspective;
Daily global oil demand is approximately 89 million barrels Brent Crude Oil (Not WTI).
The amount of Brent Crude Oil (Not WTI) to be released, 2 million barrels per day for the next 30 days, represents 2.2% of daily global oil demand.
The total release of 60 million barrels Brent Crude Oil (Not WTI) covers only what the world uses roughly every 16 hours.
Half of the release, or 30 million barrels Brent Crude Oil (Not WTI) will come from the US Strategic Petroleum Reserve (SPR).
30 million barrels Brent Crude Oil (Not WTI) represents less than two days' worth of US domestic oil consumption and about three days of oil imports.
Bernard Baumohl, chief global economist at the Economic Outlook Group, said Brent Crude Oil (Not WTI) would have to drop below $80 a barrel to have much economic impact on the economy. He said he doesn't think the 60 million barrels Brent Crude Oil (Not WTI) is enough to do that.
Article - "US and others plan biggest release of reserve oil - US and other nations will free 60 million barrels of oil, largest strategic release ever"
http://finance.yahoo.com/news/US-and-others-plan-biggest-apf-472871588.html;_ylt=AsPutkwbaje2b9BVTHiQW5.xba9_;_ylu=X3oDMTFkNHRtaW10BHBvcwM2BHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA3VzYW5kb3RoZXJzcA--?x=0
Article - "Obama releasing 30M barrels from US oil reserves - Obama releasing 30M barrels from US oil reserve to offset Mideast turmoil, high gas prices"
http://finance.yahoo.com/news/Obama-releasing-30M-barrels-apf-2233806614.html;_ylt=Asp8LgU56y.VdniECG0w16uxba9_;_ylu=X3oDMTFlYWlrZXBxBHBvcwMyMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNvYmFtYXJlbGVhc2k-?x=0
Article - "Unemployment applications jump by most in a month - Unemployment applications rise by most in 4 weeks, signaling more weakness in the job market"
http://finance.yahoo.com/news/Unemployment-applications-apf-4213009815.html;_ylt=Ar7pYT0pmtjG5wRHhx70xPuxba9_;_ylu=X3oDMTFkYmd0ZjEwBHBvcwM0BHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA3VuZW1wbG95bWVudA--?x=0
Article - "Greece presses banks, low-earners in debt crisis - Greece presses banks, low-earners in debt crisis; police hold protest rally"
http://finance.yahoo.com/news/Greece-presses-banks-apf-483067228.html;_ylt=AnOX7rLr0PMybADlBbZfC6mxba9_;_ylu=X3oDMTFlazVpa21uBHBvcwMxMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VwcmVzc2U-?x=0
Article - "Cameron says UK should stay out of any Greek deal - Cameron insists Britain should not provide any financial aid to Greece"
http://finance.yahoo.com/news/Cameron-says-UK-should-stay-apf-3825609470.html;_ylt=Ar1wo8LhrbQSExXLBwxCr26xba9_;_ylu=X3oDMTFlczVkZnRkBHBvcwM5MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjYW1lcm9uc2F5c3U-?x=0
I was severely tested today when the markets opened and prices fell against me, I lightened my position slightly.
Sell 5 contracts US WTI Crude Sep 2011 at 90.055 (2011-06-23, 10:02 am EST)
Currently I have the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 91.905 (2011-06-23, 23:18 pm EST)
US Wheat Sep 2011 is currently 673.75 (2011-06-23, 23:18 pm EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 20% of June 1st, and a major decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-23, 23:19 pm EST)
Long 25 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session markets fell in reaction to Bernanke's indication the Fed will cease additional monetary stimulus after the current $600 billion program runs out at the end of June.
The Labor Department said applications for unemployment benefits rose by 9,000 to 429,000 last week, the biggest rise in a month. That means more people are seeking help after being laid off from their jobs.
In the worst possible timing, border line political plunder, or just get all the bad news out already category;
The uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day, and the International Energy Agency said roughly 132 million barrels of Libyan light, sweet crude had been removed from the world market as of May.
After the unrest in Lybia started in February, talks started in April, and took until today the International Energy Agency consisting of 28 total countries including the USA to announce they will release and sell 60 million barrels of crude from emergency stocks.
http://www.iea.org/country/index.asp
To give the reader some perspective;
Daily global oil demand is approximately 89 million barrels Brent Crude Oil (Not WTI).
The amount of Brent Crude Oil (Not WTI) to be released, 2 million barrels per day for the next 30 days, represents 2.2% of daily global oil demand.
The total release of 60 million barrels Brent Crude Oil (Not WTI) covers only what the world uses roughly every 16 hours.
Half of the release, or 30 million barrels Brent Crude Oil (Not WTI) will come from the US Strategic Petroleum Reserve (SPR).
30 million barrels Brent Crude Oil (Not WTI) represents less than two days' worth of US domestic oil consumption and about three days of oil imports.
Bernard Baumohl, chief global economist at the Economic Outlook Group, said Brent Crude Oil (Not WTI) would have to drop below $80 a barrel to have much economic impact on the economy. He said he doesn't think the 60 million barrels Brent Crude Oil (Not WTI) is enough to do that.
Article - "US and others plan biggest release of reserve oil - US and other nations will free 60 million barrels of oil, largest strategic release ever"
http://finance.yahoo.com/news/US-and-others-plan-biggest-apf-472871588.html;_ylt=AsPutkwbaje2b9BVTHiQW5.xba9_;_ylu=X3oDMTFkNHRtaW10BHBvcwM2BHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA3VzYW5kb3RoZXJzcA--?x=0
Article - "Obama releasing 30M barrels from US oil reserves - Obama releasing 30M barrels from US oil reserve to offset Mideast turmoil, high gas prices"
http://finance.yahoo.com/news/Obama-releasing-30M-barrels-apf-2233806614.html;_ylt=Asp8LgU56y.VdniECG0w16uxba9_;_ylu=X3oDMTFlYWlrZXBxBHBvcwMyMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNvYmFtYXJlbGVhc2k-?x=0
Article - "Unemployment applications jump by most in a month - Unemployment applications rise by most in 4 weeks, signaling more weakness in the job market"
http://finance.yahoo.com/news/Unemployment-applications-apf-4213009815.html;_ylt=Ar7pYT0pmtjG5wRHhx70xPuxba9_;_ylu=X3oDMTFkYmd0ZjEwBHBvcwM0BHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA3VuZW1wbG95bWVudA--?x=0
Article - "Greece presses banks, low-earners in debt crisis - Greece presses banks, low-earners in debt crisis; police hold protest rally"
http://finance.yahoo.com/news/Greece-presses-banks-apf-483067228.html;_ylt=AnOX7rLr0PMybADlBbZfC6mxba9_;_ylu=X3oDMTFlazVpa21uBHBvcwMxMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VwcmVzc2U-?x=0
Article - "Cameron says UK should stay out of any Greek deal - Cameron insists Britain should not provide any financial aid to Greece"
http://finance.yahoo.com/news/Cameron-says-UK-should-stay-apf-3825609470.html;_ylt=Ar1wo8LhrbQSExXLBwxCr26xba9_;_ylu=X3oDMTFlczVkZnRkBHBvcwM5MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjYW1lcm9uc2F5c3U-?x=0
I was severely tested today when the markets opened and prices fell against me, I lightened my position slightly.
Sell 5 contracts US WTI Crude Sep 2011 at 90.055 (2011-06-23, 10:02 am EST)
Currently I have the following positions;
Long 20 contracts US WTI Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US WTI Crude Aug 2011 is currently 91.905 (2011-06-23, 23:18 pm EST)
US Wheat Sep 2011 is currently 673.75 (2011-06-23, 23:18 pm EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 20% of June 1st, and a major decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-23, 23:19 pm EST)
2011-06-22nd (Wed)
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session, I felt US markets fell because Bernanke did not bring particularly good news regarding further economic stimulus.
The Fed estimated the economy should grow 2.7% to 2.9% this year, down from a forecast range of 3.1% to 3.3% made in April. Also said it sees 2012 growth in a range of 3.3% to 3.7%, lower than its previous forecast.
This was not a surprise to me, for there have been many indications leading up to today's announcement that the Fed has been fully taped, and markets have priced in this outcome.
Bernanke did leave some room open as any politician would do, and the Twitter twit from Bill Gross of PIMCO is providing those who need the markets to rally big a thin life line to cling on to.
Personally I think the US should continue to print as much money as it can while it still can (2011-05-23rd (Mon)). We may hear a change in tone once the Debt Ceiling issue has been resolved.
WTI Crude prices rose slightly to my advantage.
Wheat prices fell against me to and I am in agony from the loss of equity. It is impossible to tell when the selling will stop until it stops, and my account margin is wearing thin.
Article - "Corn, Wheat Slide As Investment Funds Sell"
http://online.wsj.com/article/SB10001424052702304791204576401972128812228.html#articleTabs%3Darticle
Ultimately as a Trader only the trades matter, and I am maintaining my Long positions.
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 94.180 (2011-06-23, 00:13 am EST)
US Wheat Sep 2011 is currently 673.35 (2011-06-23, 00:13 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 29% of June 1st, and a significant decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-23, 00:15 am EST)
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session, I felt US markets fell because Bernanke did not bring particularly good news regarding further economic stimulus.
The Fed estimated the economy should grow 2.7% to 2.9% this year, down from a forecast range of 3.1% to 3.3% made in April. Also said it sees 2012 growth in a range of 3.3% to 3.7%, lower than its previous forecast.
This was not a surprise to me, for there have been many indications leading up to today's announcement that the Fed has been fully taped, and markets have priced in this outcome.
Bernanke did leave some room open as any politician would do, and the Twitter twit from Bill Gross of PIMCO is providing those who need the markets to rally big a thin life line to cling on to.
Personally I think the US should continue to print as much money as it can while it still can (2011-05-23rd (Mon)). We may hear a change in tone once the Debt Ceiling issue has been resolved.
WTI Crude prices rose slightly to my advantage.
Wheat prices fell against me to and I am in agony from the loss of equity. It is impossible to tell when the selling will stop until it stops, and my account margin is wearing thin.
Article - "Corn, Wheat Slide As Investment Funds Sell"
http://online.wsj.com/article/SB10001424052702304791204576401972128812228.html#articleTabs%3Darticle
Ultimately as a Trader only the trades matter, and I am maintaining my Long positions.
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 94.180 (2011-06-23, 00:13 am EST)
US Wheat Sep 2011 is currently 673.35 (2011-06-23, 00:13 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 29% of June 1st, and a significant decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-23, 00:15 am EST)
Wednesday, June 22, 2011
2011-06-21st (Tues)
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets continued to rise on improved sentiment that the Greek government will survive a non-confidence vote.
Market participants were correct, the final tally for the vote was 155-143 in favor of the government.
It will be difficult to gauge tomorrow's market reaction.
I hope it will be a confidence vote for the markets to rise, but will not be surprised it markets sell off because the vote was so narrow.
Other Eurozone countries continue to be in the news, to remind investors that the situation is far from being resolved satisfactorily.
Article - "IMF: Spain needs bolder job-market reforms - IMF says Spain needs more labor reforms to cut high jobless rate, keep recovery going"
http://finance.yahoo.com/news/IMF-Spain-needs-bolder-apf-3725758312.html?x=0&.v=2
All eyes will be on Bernanke tomorrow in the Federal Open Market Committee's regular press briefing for clarity if monetary easing will continue in one shape or form.
Personally I think the US should continue to print as much money as it can while it still can (2011-05-23rd (Mon)).
Article - "How the Fed influences interest rates, at a glance - How the Fed influences short- and long-term interest rates, at a glance"
http://finance.yahoo.com/news/How-the-Fed-influences-apf-136612204.html;_ylt=AoQlkTGt4us4lM3XbmziYauxba9_;_ylu=X3oDMTFlYnZxcGYxBHBvcwM5MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNob3d0aGVmZWRpbmY-?x=0
On a different note, it seems the SEC has slapped JP Morgan on the wrist.
Article - "JP Morgan to pay $153.6M to settle fraud charges - JP Morgan to pay $153.6M to settle civil fraud charges over complex mortgage investments"
http://finance.yahoo.com/news/JPMorgan-to-pay-1536M-to-apf-2178089331.html;_ylt=AhFjXPC.gOq3wn4OBtJ0N1Oxba9_;_ylu=X3oDMTFlOWcyNWM0BHBvcwM3NgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNqcG1vcmdhbnRvcGE-?x=0
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 93.395 (2011-06-22, 00:47 am EST)
US Wheat Sep 2011 is currently 708.63 (2011-06-22, 00:47 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 45% of June 1st, and a slight increase from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-22, 00:47 am EST)
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session all US markets continued to rise on improved sentiment that the Greek government will survive a non-confidence vote.
Market participants were correct, the final tally for the vote was 155-143 in favor of the government.
It will be difficult to gauge tomorrow's market reaction.
I hope it will be a confidence vote for the markets to rise, but will not be surprised it markets sell off because the vote was so narrow.
Other Eurozone countries continue to be in the news, to remind investors that the situation is far from being resolved satisfactorily.
Article - "IMF: Spain needs bolder job-market reforms - IMF says Spain needs more labor reforms to cut high jobless rate, keep recovery going"
http://finance.yahoo.com/news/IMF-Spain-needs-bolder-apf-3725758312.html?x=0&.v=2
All eyes will be on Bernanke tomorrow in the Federal Open Market Committee's regular press briefing for clarity if monetary easing will continue in one shape or form.
Personally I think the US should continue to print as much money as it can while it still can (2011-05-23rd (Mon)).
Article - "How the Fed influences interest rates, at a glance - How the Fed influences short- and long-term interest rates, at a glance"
http://finance.yahoo.com/news/How-the-Fed-influences-apf-136612204.html;_ylt=AoQlkTGt4us4lM3XbmziYauxba9_;_ylu=X3oDMTFlYnZxcGYxBHBvcwM5MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNob3d0aGVmZWRpbmY-?x=0
On a different note, it seems the SEC has slapped JP Morgan on the wrist.
Article - "JP Morgan to pay $153.6M to settle fraud charges - JP Morgan to pay $153.6M to settle civil fraud charges over complex mortgage investments"
http://finance.yahoo.com/news/JPMorgan-to-pay-1536M-to-apf-2178089331.html;_ylt=AhFjXPC.gOq3wn4OBtJ0N1Oxba9_;_ylu=X3oDMTFlOWcyNWM0BHBvcwM3NgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNqcG1vcmdhbnRvcGE-?x=0
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 93.395 (2011-06-22, 00:47 am EST)
US Wheat Sep 2011 is currently 708.63 (2011-06-22, 00:47 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 45% of June 1st, and a slight increase from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-22, 00:47 am EST)
Tuesday, June 21, 2011
2011-06-20th (Mon)
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session US markets rose on improved sentiment that the European financial crisis may be contained.
European Union officials in Luxembourg said today that the EU would take steps to prevent Greece's debt problems from affecting other struggling countries like Ireland and Portugal.
I am confused the markets rose because my understanding is Eurozone finance ministers postponed a decision on a vital installment of rescue loans needed to avoid bankruptcy next month.
Jean-Claude Juncker, Prime Minister of Luxembourg, said Greece will get the next EUR $12 Billion of the previously promised EUR $110 Billion bailout package in early July, but only if it manages to pass additional EUR $28 Billion in new spending cuts and economic reforms by the end of June 2011.
A rising market is only possible if participants know in advance that those proposed reforms will be approved.
Otherwise the spike is irrational, and shall reverse Imminently.
WTI Crude Oil improved slightly as a result of EUR relatively strength to USD.
US Wheat fell as loss provisions were reduced and farmers may see a better crop yield.
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 94.460 (2011-06-21, 02:18 am EST)
US Wheat Sep 2011 is currently 697.38 (2011-06-21, 02:18 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 44% of June 1st, and a slight increase from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-21, 02:18 am EST)
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
In today's trading session US markets rose on improved sentiment that the European financial crisis may be contained.
European Union officials in Luxembourg said today that the EU would take steps to prevent Greece's debt problems from affecting other struggling countries like Ireland and Portugal.
I am confused the markets rose because my understanding is Eurozone finance ministers postponed a decision on a vital installment of rescue loans needed to avoid bankruptcy next month.
Jean-Claude Juncker, Prime Minister of Luxembourg, said Greece will get the next EUR $12 Billion of the previously promised EUR $110 Billion bailout package in early July, but only if it manages to pass additional EUR $28 Billion in new spending cuts and economic reforms by the end of June 2011.
A rising market is only possible if participants know in advance that those proposed reforms will be approved.
Otherwise the spike is irrational, and shall reverse Imminently.
WTI Crude Oil improved slightly as a result of EUR relatively strength to USD.
US Wheat fell as loss provisions were reduced and farmers may see a better crop yield.
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 94.460 (2011-06-21, 02:18 am EST)
US Wheat Sep 2011 is currently 697.38 (2011-06-21, 02:18 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 44% of June 1st, and a slight increase from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-21, 02:18 am EST)
Sunday, June 19, 2011
2011-06-19th (Sun) Futures Contracts Rolling Forward
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts US Wheat July 2011 with ACB of 727.81
US Crude July 2011 rolled forward to US Crude Aug 2011
Roll-out-of 25 contracts US Crude July 2011 at 92.970 resulting in a deemed disposition loss.
Roll-into 25 contracts US Crude Aug 2011 at 93.40
My true position will be Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
US Wheat July 2011 rolled forward to US Wheat Sep 2011
Roll-out-of 35 contracts US Wheat July 2011 at 672.25 resulting in a deemed disposition loss.
Roll-into 35 contracts US Wheat Sep 2011 at 708.00
My true position will be Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 92.730 (2011-06-19, 23:05 pm EST)
US Wheat Sep 2011 is currently 708.50 (2011-06-19, 23:05 pm EST)
We saw no significantly positive news regarding Greece over the weekend and so markets may remain volatile on Monday 20th.
Article - "Questions and answers about Greek debt - Questions and answers about the debt crisis in Greece"
http://finance.yahoo.com/news/Questions-and-answers-about-apf-938642491.html?x=0&sec=topStories&pos=3&asset=&ccode=
This article caught my eye and reminded me of John Perkins' book "Confessions of an Economic Hit Man" although the scenarios are entirely different it was still an interesting read.
Article - "Philippines' Aquino halts some foreign-funded work - AP Interview: Philippine President Aquino halts or reconsiders $2B in foreign-funded projects"
http://finance.yahoo.com/news/Philippines-Aquino-halts-some-apf-1197662810.html;_ylt=AqOJSSS2dDwcFyPexLVLVCyxba9_;_ylu=X3oDMTFlNXU5dmNyBHBvcwMxNgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNwaGlsaXBwaW5lc2E-?x=0
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 43% of June 1st, and a slight decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-19, 23:07 pm EST)
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts US Wheat July 2011 with ACB of 727.81
US Crude July 2011 rolled forward to US Crude Aug 2011
Roll-out-of 25 contracts US Crude July 2011 at 92.970 resulting in a deemed disposition loss.
Roll-into 25 contracts US Crude Aug 2011 at 93.40
My true position will be Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
US Wheat July 2011 rolled forward to US Wheat Sep 2011
Roll-out-of 35 contracts US Wheat July 2011 at 672.25 resulting in a deemed disposition loss.
Roll-into 35 contracts US Wheat Sep 2011 at 708.00
My true position will be Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
Currently I have the following positions;
Long 25 contracts US Crude Aug 2011 with ACB of 98.6768
Long 35 contracts US Wheat Sep 2011 with ACB of 763.56
US Crude Aug 2011 is currently 92.730 (2011-06-19, 23:05 pm EST)
US Wheat Sep 2011 is currently 708.50 (2011-06-19, 23:05 pm EST)
We saw no significantly positive news regarding Greece over the weekend and so markets may remain volatile on Monday 20th.
Article - "Questions and answers about Greek debt - Questions and answers about the debt crisis in Greece"
http://finance.yahoo.com/news/Questions-and-answers-about-apf-938642491.html?x=0&sec=topStories&pos=3&asset=&ccode=
This article caught my eye and reminded me of John Perkins' book "Confessions of an Economic Hit Man" although the scenarios are entirely different it was still an interesting read.
Article - "Philippines' Aquino halts some foreign-funded work - AP Interview: Philippine President Aquino halts or reconsiders $2B in foreign-funded projects"
http://finance.yahoo.com/news/Philippines-Aquino-halts-some-apf-1197662810.html;_ylt=AqOJSSS2dDwcFyPexLVLVCyxba9_;_ylu=X3oDMTFlNXU5dmNyBHBvcwMxNgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNwaGlsaXBwaW5lc2E-?x=0
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 43% of June 1st, and a slight decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-19, 23:07 pm EST)
Saturday, June 18, 2011
2011-06-17th (Fri)
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
My coach reminded me today of Anchoring & Availability Heuristic, plus Markets can remain irrational longer than I can remain solvent.
Selected US markets posted a slight gain today which was a positive indicator going into the weekend.
There was negative news from the IMF;
Article - "IMF reduces forecast for US, global growth - International Monetary Fund cuts its US, global growth forecasts, warns on government debt"
http://finance.yahoo.com/news/IMF-reduces-forecast-for-US-apf-3167564243.html;_ylt=AnrqjvpvSsNn_euqVhPrqLWxba9_;_ylu=X3oDMTFlNGhkaG45BHBvcwM3NARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNpbWZyZWR1Y2VzZm8-?x=0
European leaders indicated they are closer to reaching an agreement that would give additional loans to Greece. The prime minister of Greece also replaced his finance minister in a cabinet reshuffle which raised hopes that the government will be able to approve austerity measures necessary to avoid a default. A default by Greece would cause turmoil on financial markets.
No double this weekend will be a furry of news regarding Greece, and I personally am expecting a creative solution of bailouts and debt restructuring to be announced on Sunday.
WTI Crude Oil fell today but not as much as I feared. This may be a good sign but as long as Europe is unstable business growth will slow down thus reducing Demand for oil.
China seems to be continuing her mission to top up her version of the Strategic Petroleum Reserve (SPR) by buying up foreign companies and establishing diplomatic ties. Perhaps we need another series of prolonged war efforts to cause a major super power to refill their SPR and drive up prices.
Article - "China invites Sudan leader accused of war crimes - China's president invites Sudan leader al-Bashir, wanted on war crimes, to visit this month"
http://finance.yahoo.com/news/China-invites-Sudan-leader-apf-2714587722.html;_ylt=AjvxLfs1zB9uzgKir5TYOouxba9_;_ylu=X3oDMTFlNzRsNXFvBHBvcwM5NwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWludml0ZXM-?x=0
Article - "China agrees to invest in Cuban oil refinery"
http://www.deseretnews.com/article/700142227/China-agrees-to-invest-in-Cuban-oil-refinery.html
Article - "Philippines to China: Don't intrude into our water - AP Interview: Aquino warns China to stay away from Philippine waters in territorial spat"
http://finance.yahoo.com/news/Philippines-to-China-Dont-apf-588154648.html;_ylt=AunjwrOogoNYUvROUJCySwqxba9_;_ylu=X3oDMTFlNG0ybjNkBHBvcwM0MQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNwaGlsaXBwaW5lc3Q-?x=0
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 closed at 92.950 (2011-06-18, 01:22 am EST)
Wheat July 2011 closed at 671.25 (2011-06-18, 01:22 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 44% of June 1st, and a slight decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-18, 01:26 am EST)
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
My coach reminded me today of Anchoring & Availability Heuristic, plus Markets can remain irrational longer than I can remain solvent.
Selected US markets posted a slight gain today which was a positive indicator going into the weekend.
There was negative news from the IMF;
Article - "IMF reduces forecast for US, global growth - International Monetary Fund cuts its US, global growth forecasts, warns on government debt"
http://finance.yahoo.com/news/IMF-reduces-forecast-for-US-apf-3167564243.html;_ylt=AnrqjvpvSsNn_euqVhPrqLWxba9_;_ylu=X3oDMTFlNGhkaG45BHBvcwM3NARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNpbWZyZWR1Y2VzZm8-?x=0
European leaders indicated they are closer to reaching an agreement that would give additional loans to Greece. The prime minister of Greece also replaced his finance minister in a cabinet reshuffle which raised hopes that the government will be able to approve austerity measures necessary to avoid a default. A default by Greece would cause turmoil on financial markets.
No double this weekend will be a furry of news regarding Greece, and I personally am expecting a creative solution of bailouts and debt restructuring to be announced on Sunday.
WTI Crude Oil fell today but not as much as I feared. This may be a good sign but as long as Europe is unstable business growth will slow down thus reducing Demand for oil.
China seems to be continuing her mission to top up her version of the Strategic Petroleum Reserve (SPR) by buying up foreign companies and establishing diplomatic ties. Perhaps we need another series of prolonged war efforts to cause a major super power to refill their SPR and drive up prices.
Article - "China invites Sudan leader accused of war crimes - China's president invites Sudan leader al-Bashir, wanted on war crimes, to visit this month"
http://finance.yahoo.com/news/China-invites-Sudan-leader-apf-2714587722.html;_ylt=AjvxLfs1zB9uzgKir5TYOouxba9_;_ylu=X3oDMTFlNzRsNXFvBHBvcwM5NwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWludml0ZXM-?x=0
Article - "China agrees to invest in Cuban oil refinery"
http://www.deseretnews.com/article/700142227/China-agrees-to-invest-in-Cuban-oil-refinery.html
Article - "Philippines to China: Don't intrude into our water - AP Interview: Aquino warns China to stay away from Philippine waters in territorial spat"
http://finance.yahoo.com/news/Philippines-to-China-Dont-apf-588154648.html;_ylt=AunjwrOogoNYUvROUJCySwqxba9_;_ylu=X3oDMTFlNG0ybjNkBHBvcwM0MQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNwaGlsaXBwaW5lc3Q-?x=0
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 closed at 92.950 (2011-06-18, 01:22 am EST)
Wheat July 2011 closed at 671.25 (2011-06-18, 01:22 am EST)
Our first line of credit was activated on 2011-06-16th (Thurs) to maintain our positions.
Total equity is 44% of June 1st, and a slight decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-18, 01:26 am EST)
Thursday, June 16, 2011
2011-06-16th (Thurs)
At the end of the previous trading session I had the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
Yesterday the Canucks lost Game 7, but it was good to see them in the finals.
In today's trading session the focus was on Greece and RIMM stock.
Regarding my Long 25 contracts US Crude July 2011 with ACB of 98.2468 position;
Some economists fear that a Greek default would trigger financial chaos like the Sept. 2008 collapse of the U.S. investment bank Lehman Brothers.
The fear is that a Greek default on its debt could seriously impact other European nations with debt problems, like Spain, Portugal and Ireland.
Europe consumes about 18% of the world's oil, and oil demand would likely drop if Europe's economy stalls.
Oil does seem it is heading into a Decreased Demand scenario.
WTI US Crude July 2011 prices held their ground today. I am seeing insignificant positive-roll-yield so I will let my contracts automatically roll-forward to US Crude Aug 2011.
Regarding my Long 35 contracts Wheat July 2011 with ACB of 727.81 postion;
Wheat production in India, the world’s second-biggest grower, may advance to a record for a fourth year, potentially spurring the government to ease exports curbs and halting a rally in global prices.
According to P.K. Basu, Agriculture Secretary - output may climb 6.4% to 86 million metric tons in the year ending June 30 from 80.8 million metric tons a year earlier. This estimate is a 2% increase over the farm ministry’s April 6 estimate of 84.3 million metric tons.
Russia is planning to resume wheat exports on July 1st, while Sergei Ignatiev, head of the Russian central bank, has called for export taxes to limit overseas sales.
Officials say the country’s grain production is likely to rebound to 85-90 million metric tons this year, up from just 61 million metric tons in 2010.
A harvest of this magnitude would allow for exports of 15 million metric tons of grain in the 2011-2012 crop year, triple the level of the last season.
Wheat does seem it is heading into an Increased Supply scenario.
Wheat July 2011 prices fell for a second day much to my chagrin. I am seeing significant positive-roll-yield so I will let my contracts automatically roll-forward to Wheat Aug 2011.
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 is currently 94.825 (2011-06-16, 22:53 pm EST)
Wheat July 2011 is currently 666.13 (2011-06-16, 22:53 pm EST)
Today was a painful day to see our account equity chopped in half, we re-activated our first of three lines-of-credit to maintain our positions.
Total equity is 48% of June 1st, and a significant decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-16, 22:55 pm EST)
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
Yesterday the Canucks lost Game 7, but it was good to see them in the finals.
In today's trading session the focus was on Greece and RIMM stock.
Regarding my Long 25 contracts US Crude July 2011 with ACB of 98.2468 position;
Some economists fear that a Greek default would trigger financial chaos like the Sept. 2008 collapse of the U.S. investment bank Lehman Brothers.
The fear is that a Greek default on its debt could seriously impact other European nations with debt problems, like Spain, Portugal and Ireland.
Europe consumes about 18% of the world's oil, and oil demand would likely drop if Europe's economy stalls.
Oil does seem it is heading into a Decreased Demand scenario.
WTI US Crude July 2011 prices held their ground today. I am seeing insignificant positive-roll-yield so I will let my contracts automatically roll-forward to US Crude Aug 2011.
Regarding my Long 35 contracts Wheat July 2011 with ACB of 727.81 postion;
Wheat production in India, the world’s second-biggest grower, may advance to a record for a fourth year, potentially spurring the government to ease exports curbs and halting a rally in global prices.
According to P.K. Basu, Agriculture Secretary - output may climb 6.4% to 86 million metric tons in the year ending June 30 from 80.8 million metric tons a year earlier. This estimate is a 2% increase over the farm ministry’s April 6 estimate of 84.3 million metric tons.
Russia is planning to resume wheat exports on July 1st, while Sergei Ignatiev, head of the Russian central bank, has called for export taxes to limit overseas sales.
Officials say the country’s grain production is likely to rebound to 85-90 million metric tons this year, up from just 61 million metric tons in 2010.
A harvest of this magnitude would allow for exports of 15 million metric tons of grain in the 2011-2012 crop year, triple the level of the last season.
Wheat does seem it is heading into an Increased Supply scenario.
Wheat July 2011 prices fell for a second day much to my chagrin. I am seeing significant positive-roll-yield so I will let my contracts automatically roll-forward to Wheat Aug 2011.
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 is currently 94.825 (2011-06-16, 22:53 pm EST)
Wheat July 2011 is currently 666.13 (2011-06-16, 22:53 pm EST)
Today was a painful day to see our account equity chopped in half, we re-activated our first of three lines-of-credit to maintain our positions.
Total equity is 48% of June 1st, and a significant decrease from previous. We gave back all the gains we made last month.
Stay Tuned,
Jeff
(2011-06-16, 22:55 pm EST)
Wednesday, June 15, 2011
2011-06-15th (Wed)
At the end of the previous trading session I had the following positions;
Long 20 contracts US Crude July 2011 with ACB of 98.545
Long 20 contracts Wheat July 2011 with ACB of 735.00
In today's trading session violent protests in Greece forced a government shake up, slams stocks, as investors world wide worry about Greece's debt crisis if it is going to spiral out of control.
Article - "Worsening Greek debt crisis sinks stocks, euro - Stocks slide as protesters in Greece rally against budget cutbacks; euro falls 2 percent"
http://finance.yahoo.com/news/Worsening-Greek-debt-crisis-apf-3071087593.html?x=0&sec=topStories&pos=1&asset=&ccode=
History will record the events unfolding faithfully, so I will not do it here.
Tomorrow's market is a matter of psychology, and the end-game is potentially systemic.
If Greece defaults on its debt it could cause investors to dump the bonds of other weak European nations like Portugal, Spain and Ireland; and we will have a blowout in all the spreads, and bankrupt the European Central Bank (ECB) in the process forcing it to recapitalize.
Our futures contract portfolio was chopped primarily due to the spike in USD strength and the inverse-dollar trade may remain for a while until sentiment subsides.
I expect other Traders to shot first and ask questions later, and keep cash on the side lines; I choose to dollar-cost-average, buy into the dips and essentially stay Long.
Ultimately as a Trader only the trades matter.
Buy 10 contracts Wheat July 2011 at 720.13 (2011-06-15, 11:10 am EST)
Buy 5 contracts Wheat July 2011 at 714.38 (2011-06-15, 11:35 am EST)
Buy 5 contracts US Crude July 2011 at 97.055 (2011-06-15, 12:57 pm EST)
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 is currently 95.180 (2011-06-15, 19:59 pm EST)
Wheat July 2011 is currently 711.25 (2011-06-15, 19:59 pm EST)
Total equity is 76% of June 1st, and a significant decrease from previous.
Stay Tuned Hockey Fans for Game 7, Canucks VS. Bruins, I am rooting for the Canucks!
Jeff
(2011-06-15, 20:00 pm EST)
Long 20 contracts US Crude July 2011 with ACB of 98.545
Long 20 contracts Wheat July 2011 with ACB of 735.00
In today's trading session violent protests in Greece forced a government shake up, slams stocks, as investors world wide worry about Greece's debt crisis if it is going to spiral out of control.
Article - "Worsening Greek debt crisis sinks stocks, euro - Stocks slide as protesters in Greece rally against budget cutbacks; euro falls 2 percent"
http://finance.yahoo.com/news/Worsening-Greek-debt-crisis-apf-3071087593.html?x=0&sec=topStories&pos=1&asset=&ccode=
History will record the events unfolding faithfully, so I will not do it here.
Tomorrow's market is a matter of psychology, and the end-game is potentially systemic.
If Greece defaults on its debt it could cause investors to dump the bonds of other weak European nations like Portugal, Spain and Ireland; and we will have a blowout in all the spreads, and bankrupt the European Central Bank (ECB) in the process forcing it to recapitalize.
Our futures contract portfolio was chopped primarily due to the spike in USD strength and the inverse-dollar trade may remain for a while until sentiment subsides.
I expect other Traders to shot first and ask questions later, and keep cash on the side lines; I choose to dollar-cost-average, buy into the dips and essentially stay Long.
Ultimately as a Trader only the trades matter.
Buy 10 contracts Wheat July 2011 at 720.13 (2011-06-15, 11:10 am EST)
Buy 5 contracts Wheat July 2011 at 714.38 (2011-06-15, 11:35 am EST)
Buy 5 contracts US Crude July 2011 at 97.055 (2011-06-15, 12:57 pm EST)
Currently I have the following positions;
Long 25 contracts US Crude July 2011 with ACB of 98.2468
Long 35 contracts Wheat July 2011 with ACB of 727.81
US Crude July 2011 is currently 95.180 (2011-06-15, 19:59 pm EST)
Wheat July 2011 is currently 711.25 (2011-06-15, 19:59 pm EST)
Total equity is 76% of June 1st, and a significant decrease from previous.
Stay Tuned Hockey Fans for Game 7, Canucks VS. Bruins, I am rooting for the Canucks!
Jeff
(2011-06-15, 20:00 pm EST)
Tuesday, June 14, 2011
2011-06-14th (Tues)
At the end of the previous trading session I had the following position;
Long 20 contracts US Crude July 2011 with ACB of 98.545
US markets rose today mostly due to a Bear Rally reaction to less than expected drop in Retail Sales.
Economists were expecting a larger decrease than only Negative 0.2% (percent) in May.
A negative number is still a negative number.
Article - "Oil gets lift from China, U.S. economic data"
http://www.marketwatch.com/story/oil-futures-gain-as-dollar-declines-2011-06-14?siteid=yhoof
Article - "Dollar mixed after better-than-expected data - Dollar down against euro, pound, up against yen after better-than-expected economic reports"
http://finance.yahoo.com/news/Dollar-mixed-after-apf-3429098305.html;_ylt=AgWBPQMroH2n0W2fgILEBCixba9_;_ylu=X3oDMTFlMDB0YzZzBHBvcwMyOQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb2xsYXJtaXhlZGE-?x=0
If we assume the central bank of China's target inflation rate is 4% then we should expect continued tightening action.
If concurrently the desired GDP growth is 6% then it will be an extremely hard juggling act of injecting stimulus money in desired sectors of the economy, while building flood gates to prevent spill over of hot money into undesired sectors of the economy.
Personally I am not aware of any Monetary Policy that can achieve both outcomes concurrently, it must be accompanied by Regulation, Fiscal Policy of higher taxes and reduced spending.
Article - "China raises bank reserves to contain inflation - China raises bank reserve ratio again in fight against inflation"
http://finance.yahoo.com/news/China-raises-bank-reserves-to-apf-1651060871.html;_ylt=AkP5dgKlmAO4D7s5FUPsZEuxba9_;_ylu=X3oDMTFlNWZpb2d0BHBvcwM2NgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYXJhaXNlc2I-?x=0
Article - "China food costs push inflation to 5.5 pct in May - China food costs push inflation to 5.5 percent in May; forecasted to rise further in June"
http://finance.yahoo.com/news/China-food-costs-push-apf-2600755977.html;_ylt=AidNlfLBInj16loSrEfDJYCxba9_;_ylu=X3oDMTFlc2JoOTIwBHBvcwM4OARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWZvb2Rjb3M-?x=0
Ultimately as a Trader only the trades matter.
Wheat looked interesting to me today.
Buy-To-Open 10 contracts Wheat July 2011 at 740.00 (2011-06-14, 10:32 am EST)
Buy 10 contracts Wheat July 2011 at 730.00 (2011-06-14, 10:43 am EST)
Currently I have the following positions;
Long 20 contracts US Crude July 2011 with ACB of 98.545
Long 20 contracts Wheat July 2011 with ACB of 735.00
US Crude July 2011 is currently 99.626 (2011-06-14, 17:34 pm EST)
Wheat July 2011 is currently 732.00 (2011-06-14, 17:34 pm EST)
Total equity is 98% of June 1st, and an increase from previous.
Stay Tuned,
Jeff
(2011-06-14, 17:34 pm EST)
Long 20 contracts US Crude July 2011 with ACB of 98.545
US markets rose today mostly due to a Bear Rally reaction to less than expected drop in Retail Sales.
Economists were expecting a larger decrease than only Negative 0.2% (percent) in May.
A negative number is still a negative number.
Article - "Oil gets lift from China, U.S. economic data"
http://www.marketwatch.com/story/oil-futures-gain-as-dollar-declines-2011-06-14?siteid=yhoof
Article - "Dollar mixed after better-than-expected data - Dollar down against euro, pound, up against yen after better-than-expected economic reports"
http://finance.yahoo.com/news/Dollar-mixed-after-apf-3429098305.html;_ylt=AgWBPQMroH2n0W2fgILEBCixba9_;_ylu=X3oDMTFlMDB0YzZzBHBvcwMyOQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb2xsYXJtaXhlZGE-?x=0
If we assume the central bank of China's target inflation rate is 4% then we should expect continued tightening action.
If concurrently the desired GDP growth is 6% then it will be an extremely hard juggling act of injecting stimulus money in desired sectors of the economy, while building flood gates to prevent spill over of hot money into undesired sectors of the economy.
Personally I am not aware of any Monetary Policy that can achieve both outcomes concurrently, it must be accompanied by Regulation, Fiscal Policy of higher taxes and reduced spending.
Article - "China raises bank reserves to contain inflation - China raises bank reserve ratio again in fight against inflation"
http://finance.yahoo.com/news/China-raises-bank-reserves-to-apf-1651060871.html;_ylt=AkP5dgKlmAO4D7s5FUPsZEuxba9_;_ylu=X3oDMTFlNWZpb2d0BHBvcwM2NgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYXJhaXNlc2I-?x=0
Article - "China food costs push inflation to 5.5 pct in May - China food costs push inflation to 5.5 percent in May; forecasted to rise further in June"
http://finance.yahoo.com/news/China-food-costs-push-apf-2600755977.html;_ylt=AidNlfLBInj16loSrEfDJYCxba9_;_ylu=X3oDMTFlc2JoOTIwBHBvcwM4OARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjaGluYWZvb2Rjb3M-?x=0
Ultimately as a Trader only the trades matter.
Wheat looked interesting to me today.
Buy-To-Open 10 contracts Wheat July 2011 at 740.00 (2011-06-14, 10:32 am EST)
Buy 10 contracts Wheat July 2011 at 730.00 (2011-06-14, 10:43 am EST)
Currently I have the following positions;
Long 20 contracts US Crude July 2011 with ACB of 98.545
Long 20 contracts Wheat July 2011 with ACB of 735.00
US Crude July 2011 is currently 99.626 (2011-06-14, 17:34 pm EST)
Wheat July 2011 is currently 732.00 (2011-06-14, 17:34 pm EST)
Total equity is 98% of June 1st, and an increase from previous.
Stay Tuned,
Jeff
(2011-06-14, 17:34 pm EST)
2011-06-13th (Mon)
At the end of the previous trading session I had the following position;
Long 15 contracts US Crude July 2011 with ACB of 98.999
In today's trading session the Dow30, Nasdaq, S&P500 all had the same Up-Down-Up-Down intra-day pattern to close near its opening.
It may seem uneventful but the undercurrents are strong, and to me is a signal that Bulls & Bears are in a fight for control, I suspect a change in sentiment is approaching.
Dennis Gartman was a guest on CNBC's Fast Money show and he spoke about the price action in WTI and Crude. My take from his interview is WTI may continue to go down for a while.
Personally I am afraid to Short Crude at this level, but will continue to add to my Long position; and will do so at wider gaps and smaller lot sizes. I have placed GTC Orders to capture the spike-downs.
I had an interesting talk with a client tonight, and the conversation led me to Google about China, and I found the following interesting articles.
Civil unrest is an on-going issue with economic development.
Article - "Police Use Tear Gas to Quell Riot in Southern China"
http://www.cnbc.com/id/43375892
A small portion of the population must achieve wealth first before the masses can achieve wealth.
Article - "China’s Cooling Measures Pushing Consumers to Go High-End"
http://www.cnbc.com/id/43213695
Of particular interest to me is the article below.
Article - "China to Clean Up Billions in Local Government Debt"
http://www.cnbc.com/id/43230566
This move by the central government is identical to the TARP, and is an important step for the local Chinese provincial governments to move non-performing bad loans off their books.
Since no numbers are available for analysis it is hard to judge the ripple effects. If the ocean is large enough, it will be able to dilute one barrel of spilled toxic assets enough so that no fish is poisoned; just do not keep pouring.
Buy 5 contracts US Crude July 2011 at 97.182 (2011-06-13, 15:24 pm EST)
Currently I have the following position;
Long 20 contracts US Crude July 2011 with ACB of 98.545
US Crude July 2011 is currently 97.151 (2011-06-14, 01:11 am EST)
Total equity is 92% of June 1st, and a small drop from previous.
Stay Tuned,
Jeff
(2011-06-14, 01:11 am EST)
Long 15 contracts US Crude July 2011 with ACB of 98.999
In today's trading session the Dow30, Nasdaq, S&P500 all had the same Up-Down-Up-Down intra-day pattern to close near its opening.
It may seem uneventful but the undercurrents are strong, and to me is a signal that Bulls & Bears are in a fight for control, I suspect a change in sentiment is approaching.
Dennis Gartman was a guest on CNBC's Fast Money show and he spoke about the price action in WTI and Crude. My take from his interview is WTI may continue to go down for a while.
Personally I am afraid to Short Crude at this level, but will continue to add to my Long position; and will do so at wider gaps and smaller lot sizes. I have placed GTC Orders to capture the spike-downs.
I had an interesting talk with a client tonight, and the conversation led me to Google about China, and I found the following interesting articles.
Civil unrest is an on-going issue with economic development.
Article - "Police Use Tear Gas to Quell Riot in Southern China"
http://www.cnbc.com/id/43375892
A small portion of the population must achieve wealth first before the masses can achieve wealth.
Article - "China’s Cooling Measures Pushing Consumers to Go High-End"
http://www.cnbc.com/id/43213695
Of particular interest to me is the article below.
Article - "China to Clean Up Billions in Local Government Debt"
http://www.cnbc.com/id/43230566
This move by the central government is identical to the TARP, and is an important step for the local Chinese provincial governments to move non-performing bad loans off their books.
Since no numbers are available for analysis it is hard to judge the ripple effects. If the ocean is large enough, it will be able to dilute one barrel of spilled toxic assets enough so that no fish is poisoned; just do not keep pouring.
Buy 5 contracts US Crude July 2011 at 97.182 (2011-06-13, 15:24 pm EST)
Currently I have the following position;
Long 20 contracts US Crude July 2011 with ACB of 98.545
US Crude July 2011 is currently 97.151 (2011-06-14, 01:11 am EST)
Total equity is 92% of June 1st, and a small drop from previous.
Stay Tuned,
Jeff
(2011-06-14, 01:11 am EST)
Monday, June 13, 2011
2011-06-12th (Sunday) - Thoughts on WTI Crude Oil
At the end of the previous trading session I had no open positions.
I trade West Texas Intermediate (WTI) Crude Oil Futures Contracts instead of Brent Crude because the limited storage capacity in Cushing causes Spot prices to move beyond implied volatility.
http://en.wikipedia.org/wiki/West_Texas_Intermediate
In the last week there has been news building up to the OPEC meeting.
Article - "Saudis Raise Oil Production to Curb Prices"
http://www.cnbc.com/id/43303603
Article - "Split by Infighting, OPEC Keeps a Cap on Oil"
http://www.nytimes.com/2011/06/09/business/global/09opec.html?_r=1
Article - "Brent rises after Opec discord over higher output"
http://www.ft.com/cms/s/0/3a51c054-9330-11e0-a038-00144feab49a.html?referrer_id=yahoofinance&ft_ref=yahoo1&segid=03058#axzz1P8Rx6U7t
Article - "Saudi Arabia, Defying OPEC, Will Raise Its Oil Output"
http://www.nytimes.com/2011/06/11/business/energy-environment/11oil.html?partner=yahoofinance
Last Wednesday 2011-06-08th (Wed) Saudi oil minister Ali Naimi's reaction after the OPEC meeting was aired on CNBC at 4:15 pm and I found it out of character.
Historically, cartels cheat by increasing its own national output while politically out-maneuvering other member countries to remain at status quo their member output; this maximizes its own nation's sales revenues, thus gaining advantage over member countries.
To act as a cheerleader and coax all members to increase cartel output is by its nature out of character, and defeats the primary function of price collusion of cartels.
This strongly signals that the cartel is preempting an external undesired competitor.
I recall from memory there were extensive studies done after the 2008 spike in prices, that point to the undesired political rise in power of regimes which will shift the economic and political status quo.
These are primarily US based company studies commenting on Venezuela from a US centric view.
http://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_industry
Article - "The Economics, Culture, and Politics of Oil in Venezuela"
http://venezuelanalysis.com/analysis/74
Article - "Venezuela's and Canada's Very Different Approaches to Oil"
http://venezuelanalysis.com/analysis/2138
I predict the increase in Supply would cause prices to fall temporarily, but market participants would eventually increase the Equilibrium Price to higher than before. During the adjustment period we may see wider swings as a reflection of increased volatility in a semi-efficient cartel market.
Ultimately as a Trader only the trades matter.
Buy-To-Open 15 contracts US Crude July 2011 at 98.999 (2011-06-12, 22:55 pm EST)
The Eurozone situation causing the US Dollar to strengthen temporarily will reduce the profitability of my trade, but cannot be hedged out completely without using additional trading margin.
Currently I have the following position;
Long 15 contracts US Crude July 2011 with ACB of 98.999
US Crude July 2011 is currently 99.101 (2011-06-13, 04:14 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-13, 04:14 am EST)
I trade West Texas Intermediate (WTI) Crude Oil Futures Contracts instead of Brent Crude because the limited storage capacity in Cushing causes Spot prices to move beyond implied volatility.
http://en.wikipedia.org/wiki/West_Texas_Intermediate
In the last week there has been news building up to the OPEC meeting.
Article - "Saudis Raise Oil Production to Curb Prices"
http://www.cnbc.com/id/43303603
Article - "Split by Infighting, OPEC Keeps a Cap on Oil"
http://www.nytimes.com/2011/06/09/business/global/09opec.html?_r=1
Article - "Brent rises after Opec discord over higher output"
http://www.ft.com/cms/s/0/3a51c054-9330-11e0-a038-00144feab49a.html?referrer_id=yahoofinance&ft_ref=yahoo1&segid=03058#axzz1P8Rx6U7t
Article - "Saudi Arabia, Defying OPEC, Will Raise Its Oil Output"
http://www.nytimes.com/2011/06/11/business/energy-environment/11oil.html?partner=yahoofinance
Last Wednesday 2011-06-08th (Wed) Saudi oil minister Ali Naimi's reaction after the OPEC meeting was aired on CNBC at 4:15 pm and I found it out of character.
Historically, cartels cheat by increasing its own national output while politically out-maneuvering other member countries to remain at status quo their member output; this maximizes its own nation's sales revenues, thus gaining advantage over member countries.
To act as a cheerleader and coax all members to increase cartel output is by its nature out of character, and defeats the primary function of price collusion of cartels.
This strongly signals that the cartel is preempting an external undesired competitor.
I recall from memory there were extensive studies done after the 2008 spike in prices, that point to the undesired political rise in power of regimes which will shift the economic and political status quo.
These are primarily US based company studies commenting on Venezuela from a US centric view.
http://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_industry
Article - "The Economics, Culture, and Politics of Oil in Venezuela"
http://venezuelanalysis.com/analysis/74
Article - "Venezuela's and Canada's Very Different Approaches to Oil"
http://venezuelanalysis.com/analysis/2138
I predict the increase in Supply would cause prices to fall temporarily, but market participants would eventually increase the Equilibrium Price to higher than before. During the adjustment period we may see wider swings as a reflection of increased volatility in a semi-efficient cartel market.
Ultimately as a Trader only the trades matter.
Buy-To-Open 15 contracts US Crude July 2011 at 98.999 (2011-06-12, 22:55 pm EST)
The Eurozone situation causing the US Dollar to strengthen temporarily will reduce the profitability of my trade, but cannot be hedged out completely without using additional trading margin.
Currently I have the following position;
Long 15 contracts US Crude July 2011 with ACB of 98.999
US Crude July 2011 is currently 99.101 (2011-06-13, 04:14 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-13, 04:14 am EST)
Saturday, June 11, 2011
2011-06-10th (Fri)
At the end of the previous trading session I had the following position;
Long 300000 USDJPY with ACB of 79.968
A Stop-Loss Order was automatically triggered;
Sell-To-Close 300000 USDJPY at 80.008 (2011-06-10, 03:18 am EST) for an insignificant gain.
We now have no open positions and is 100% in Cash.
Article - "Greece gears up for second bailout - Greece gears up for second bailout that could last through 2014"
http://finance.yahoo.com/news/Greece-gears-up-for-second-apf-2551537808.html;_ylt=AgN8Z28uslFs2XsKu5vUnIWxba9_;_ylu=X3oDMTFlNXE2dm44BHBvcwM1MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VnZWFyc3U-?x=0
In today's trading session markets sold off on fears of a weakening US economy leading to slowing global growth.
Article - "Dow falls below 12K; stocks drop 6 weeks straight - Dow falls below 12K, Nasdaq erases year's gains; longest weekly losing streak seen since '02"
http://finance.yahoo.com/news/Dow-falls-below-12K-stocks-apf-1563455911.html;_ylt=Ajvcg0dk.otnDS5H3Hr8EPCxba9_;_ylu=X3oDMTFlcWtvYzM0BHBvcwM4MgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb3dmYWxsc2JlbG8-?x=0
Copper futures also fell due to fears of slowing Chinese growth and demand for basic metals.
Article - "Copper falls on concerns that demand could wane - Copper prices fall on concerns about demand as China's imports decline"
http://finance.yahoo.com/news/Copper-falls-on-concerns-that-apf-112499337.html;_ylt=ArHsUEGB8EgTpHIZTdwGg4Kxba9_;_ylu=X3oDMTFlNzkyM2doBHBvcwMxMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjb3BwZXJmYWxsc28-?x=0
The Mineral Resource Rent Tax (MRRT) previously known as Resource Super Profit Tax (RSPT) is being hotly debated and will be implimented on July 1st, 2012.
http://en.wikipedia.org/wiki/Mineral_Resource_Rent_Tax
http://www.smh.com.au/business/the-resource-super-profits-tax--what-is-it-20100511-usnu.html
http://www.deewr.gov.au/Department/Documents/Files/10_Fact_sheet_Resource_Profit_Tax_Final.pdf
The policy implimentation will have long-term impact on policy makers around the globe where natural resources are a large part of their national economy.
From studying economic history the general thesis is regulation leads to increased prices even when the regulation is meant to protect or nurture a particular industry sector.
Even in this present sentiment of slowing global economic growth I foresee prices to continue to increase but with wider swings.
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-11, 01:11 am EST)
Long 300000 USDJPY with ACB of 79.968
A Stop-Loss Order was automatically triggered;
Sell-To-Close 300000 USDJPY at 80.008 (2011-06-10, 03:18 am EST) for an insignificant gain.
We now have no open positions and is 100% in Cash.
Article - "Greece gears up for second bailout - Greece gears up for second bailout that could last through 2014"
http://finance.yahoo.com/news/Greece-gears-up-for-second-apf-2551537808.html;_ylt=AgN8Z28uslFs2XsKu5vUnIWxba9_;_ylu=X3oDMTFlNXE2dm44BHBvcwM1MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VnZWFyc3U-?x=0
In today's trading session markets sold off on fears of a weakening US economy leading to slowing global growth.
Article - "Dow falls below 12K; stocks drop 6 weeks straight - Dow falls below 12K, Nasdaq erases year's gains; longest weekly losing streak seen since '02"
http://finance.yahoo.com/news/Dow-falls-below-12K-stocks-apf-1563455911.html;_ylt=Ajvcg0dk.otnDS5H3Hr8EPCxba9_;_ylu=X3oDMTFlcWtvYzM0BHBvcwM4MgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb3dmYWxsc2JlbG8-?x=0
Copper futures also fell due to fears of slowing Chinese growth and demand for basic metals.
Article - "Copper falls on concerns that demand could wane - Copper prices fall on concerns about demand as China's imports decline"
http://finance.yahoo.com/news/Copper-falls-on-concerns-that-apf-112499337.html;_ylt=ArHsUEGB8EgTpHIZTdwGg4Kxba9_;_ylu=X3oDMTFlNzkyM2doBHBvcwMxMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjb3BwZXJmYWxsc28-?x=0
The Mineral Resource Rent Tax (MRRT) previously known as Resource Super Profit Tax (RSPT) is being hotly debated and will be implimented on July 1st, 2012.
http://en.wikipedia.org/wiki/Mineral_Resource_Rent_Tax
http://www.smh.com.au/business/the-resource-super-profits-tax--what-is-it-20100511-usnu.html
http://www.deewr.gov.au/Department/Documents/Files/10_Fact_sheet_Resource_Profit_Tax_Final.pdf
The policy implimentation will have long-term impact on policy makers around the globe where natural resources are a large part of their national economy.
From studying economic history the general thesis is regulation leads to increased prices even when the regulation is meant to protect or nurture a particular industry sector.
Even in this present sentiment of slowing global economic growth I foresee prices to continue to increase but with wider swings.
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-11, 01:11 am EST)
Friday, June 10, 2011
2011-06-09th (Thurs)
At the end of the previous trading session I had the following position;
Long 300000 USDJPY with ACB of 79.968
In today's trading session markets rose as investor's sentiment improved.
The April data released regarding US exports increasing and imports decreasing lead to a narrower trade deficit, and markets rose as investors hopes for economic recovery is reignited.
I question the long-term validity of that Thesis, for we need to consider the entire body of economic data that has been released since April.
Personally I consider employment and housing data to carry the most weight in my assessment of economic growth, and I see only meek economic growth ahead.
In currency markets the USD has risen against the EUR during the last three trading sessions, possibly indicating rapid deterioration of the Eurozone situation.
Only time can tell.
Article - "Dollar rises despite hint of euro rate increase - Dollar gains ground as ECB signals July
rate increase, US trade deficit unexpectedly shrinks"
http://finance.yahoo.com/news/Dollar-rises-despite-hint-of-apf-4212285049.html;_ylt=AmZXINQ0VkYlNw.e8hDA6GCxba9_;_ylu=X3oDMTFlZm0yOXR0BHBvcwM3NwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb2xsYXJyaXNlc2Q-?x=0
Article - "Treasurys slip on weak demand for 30-year bonds - Bond prices ease after relatively weak
results at an auction of 30-year Treasury debt"
http://finance.yahoo.com/news/Treasurys-slip-on-weak-demand-apf-2696440504.html;_ylt=ArJnheGQcD4lFuDoY8drU7axba9_;_ylu=X3oDMTFlNTk1bnJwBHBvcwMzMARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawN0cmVhc3VyeXNzbGk-?x=0
Article - "Treasury market at a glance - Thursday's Treasury bond market at a glance"
http://finance.yahoo.com/news/Treasury-market-at-a-apf-2757655540.html;_ylt=Auw8RWoqovA0Gyx1DFTZMiKxba9_;_ylu=X3oDMTFlbTQxamE0BHBvcwMyOQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawN0cmVhc3VyeW1hcms-?x=0
Ultimately as a Trader only the trades matter.
Currently I have the following position;
Long 300000 USDJPY with ACB of 79.968
USDJPY is currently 80.110 (2011-06-10, 02:31 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-10, 02:31 am EST)
Long 300000 USDJPY with ACB of 79.968
In today's trading session markets rose as investor's sentiment improved.
The April data released regarding US exports increasing and imports decreasing lead to a narrower trade deficit, and markets rose as investors hopes for economic recovery is reignited.
I question the long-term validity of that Thesis, for we need to consider the entire body of economic data that has been released since April.
Personally I consider employment and housing data to carry the most weight in my assessment of economic growth, and I see only meek economic growth ahead.
In currency markets the USD has risen against the EUR during the last three trading sessions, possibly indicating rapid deterioration of the Eurozone situation.
Only time can tell.
Article - "Dollar rises despite hint of euro rate increase - Dollar gains ground as ECB signals July
rate increase, US trade deficit unexpectedly shrinks"
http://finance.yahoo.com/news/Dollar-rises-despite-hint-of-apf-4212285049.html;_ylt=AmZXINQ0VkYlNw.e8hDA6GCxba9_;_ylu=X3oDMTFlZm0yOXR0BHBvcwM3NwRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb2xsYXJyaXNlc2Q-?x=0
Article - "Treasurys slip on weak demand for 30-year bonds - Bond prices ease after relatively weak
results at an auction of 30-year Treasury debt"
http://finance.yahoo.com/news/Treasurys-slip-on-weak-demand-apf-2696440504.html;_ylt=ArJnheGQcD4lFuDoY8drU7axba9_;_ylu=X3oDMTFlNTk1bnJwBHBvcwMzMARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawN0cmVhc3VyeXNzbGk-?x=0
Article - "Treasury market at a glance - Thursday's Treasury bond market at a glance"
http://finance.yahoo.com/news/Treasury-market-at-a-apf-2757655540.html;_ylt=Auw8RWoqovA0Gyx1DFTZMiKxba9_;_ylu=X3oDMTFlbTQxamE0BHBvcwMyOQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawN0cmVhc3VyeW1hcms-?x=0
Ultimately as a Trader only the trades matter.
Currently I have the following position;
Long 300000 USDJPY with ACB of 79.968
USDJPY is currently 80.110 (2011-06-10, 02:31 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-10, 02:31 am EST)
Thursday, June 9, 2011
2011-06-08th (Wed)
At the end of the previous trading session I had the following position;
Long 300000 USDJPY with ACB of 79.968
Saudi oil minister Ali Naimi's reaction after the OPEC meeting was aired on CNBC at 4:15 pm EST and I quote his transcript as saying;
"... The number tell us that we need to add $1.5 Million barrels per day ..."
"... Saudi Arabia and other 3 GCC countries are able, willing to supply whatever the market needs ..."
Article - "Oil rises as OPEC maintains production level - Oil prices climb above $100 as OPEC announces it won't increase production"
http://finance.yahoo.com/news/Oil-rises-as-OPEC-maintains-apf-2216151017.html?x=0&sec=topStories&pos=2&asset=&ccode=
Jim Rogers was immediately interviewed by Maria Bartiromo and her voice was terrible due to laryngitis.
In this CNBC live interview from the NYSE Jim Rogers said he is temporarily Long the USD for a rebound.
Jim Rogers also said he is Short the bank that has not gone down as much as the others, but declined to name it as he has too many friends there.
Article - "Fresh Downgrade Threat to U.S. Debt"
http://online.wsj.com/article/SB10001424052702304778304576373992711772366.html
Article - "China plans 'cash for clunkers' to beat weak sales - China announces own 'cash for clunkers' plan, as sales cool in world's largest auto market"
http://finance.yahoo.com/news/China-plans-cash-for-clunkers-apf-1602415233.html?x=0&.v=6
Currently I have the following position;
Long 300000 USDJPY with ACB of 79.968
USDJPY is currently 80.043 (2011-06-09, 00:00 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-09, 00:12 am EST)
Long 300000 USDJPY with ACB of 79.968
Saudi oil minister Ali Naimi's reaction after the OPEC meeting was aired on CNBC at 4:15 pm EST and I quote his transcript as saying;
"... The number tell us that we need to add $1.5 Million barrels per day ..."
"... Saudi Arabia and other 3 GCC countries are able, willing to supply whatever the market needs ..."
Article - "Oil rises as OPEC maintains production level - Oil prices climb above $100 as OPEC announces it won't increase production"
http://finance.yahoo.com/news/Oil-rises-as-OPEC-maintains-apf-2216151017.html?x=0&sec=topStories&pos=2&asset=&ccode=
Jim Rogers was immediately interviewed by Maria Bartiromo and her voice was terrible due to laryngitis.
In this CNBC live interview from the NYSE Jim Rogers said he is temporarily Long the USD for a rebound.
Jim Rogers also said he is Short the bank that has not gone down as much as the others, but declined to name it as he has too many friends there.
Article - "Fresh Downgrade Threat to U.S. Debt"
http://online.wsj.com/article/SB10001424052702304778304576373992711772366.html
Article - "China plans 'cash for clunkers' to beat weak sales - China announces own 'cash for clunkers' plan, as sales cool in world's largest auto market"
http://finance.yahoo.com/news/China-plans-cash-for-clunkers-apf-1602415233.html?x=0&.v=6
Currently I have the following position;
Long 300000 USDJPY with ACB of 79.968
USDJPY is currently 80.043 (2011-06-09, 00:00 am EST)
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-09, 00:12 am EST)
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