2011-03-28

Buy-To-Close 1000 contracts Nikkei 225 at 9355.5 for a profit (2011-03-28, 19:56 pm EST).  I wanted to free up my available margin to enter another trade, because there was not much negative news regarding Japan during today's regular trading session.

This leaves me with my Long Copper position acquired at 437.88 yesterday night.  Copper May 2011 is currently at 430.8 (2011-03-28, 20:35 pm EST) and I am medium out of the money.

Wheat May 2011 is currently at 721.6 (2011-03-28, 20:36 pm EST) and Russia is extending its export restrictions to Sept 2011 to ensure they have enough supply for domestic consumption.  My charts are not giving me a concensus on different time-frames and so I still fear a spike thus will not Short, yet am patiently waiting for Wheat to slowly fall to 650 range to enter my first position.

My Copper trade (currently at 431.03, 2011-03-28, 20:40 pm EST) should serve as a learning experience for me.  Reviewing my Blogs I entered my Long position after a gap-down in the hopes that it would retrace entirely during the same intra-day session.  I had chosen to ignore completely my knowledge that a certain fund manager while being interviewed on CNBC the day before said they would take profits on the commodity trades that have made them money for the past year.  While I cannot confirm that it is indeed funds unloading their positions I have to assume that this information may be picked up by other colleagues and the effect magnified into a self-fulfilling prophecy.  Based on my Daily-Chart I will add a second position if Copper falls to 425 level.

Stay tuned.

Jeff
(2011-03-28, 20:46 pm EST)