2011-03-27

Buy-To-Open 50 contracts Copper May 2011 at 437.88 (2011-03-27, 22:54 pm EST)

Shortly before I opened my Long position I observed Copper fall from 441 to 436, I searched the news wires but could not find any new reports, and most likely the real reasons will never be clearly known.  Any meaningful or made up reports will appear next morning if it is considered newsworthy at all.  I suspect it is some one selling off their positions causing this drop, as last week on CNBC were fund managers indicating they would sell off part of their positions to lock in profits made during the last 12 months.

Nikkei 225 this evening when it opened for trading at 8:00 pm EST spiked momentatily to 9550 and has slowly waved down to 9418.8 this moment (2011-03-28, 00:34 am EST).  JL and I spoke a few mintues ago we both think given the nuclear power plant situation the Index may touch 9100 this week, although I am still very relectant to Short as I fear government intervention.  So I will actually wait for the intervention to lift the market and immediately Short that spike, at what level I don't know, but I hope to be by the screen to see it happen and react to it.

Crude May 2011 is currently trading at 105.075 (2011-03-28, 00:40 am EST) and the discussion continues to be whether the geo-political risk premium will continue to hang around.  Over the weekend there was no negative news exceeding the status quo and thus if the level of anxiety remains relatively the same then Crude prices will slowly fall.

Copper May 2011 is currently trading at 435.7 (2011-03-28, 01:18 am EST) and I am slightly out of the money now.

Let me make myself some Tomato soup first, stay tuned.

Jeff