2011-06-02nd (Thurs)

At the end of the previous trading session I had the following position;
Long 130 contracts Copper July 2011 with ACB of 409.26

In today's trading session markets continued to be weak due to the multiple economic data points released since May, and the headline news; Greece and the US Debt Ceiling.

The multiple economic data points are now piling up to the point that one cannot shrug off the worries of a global economic slowdown when we stack up the worries of a double-dip US recession, and the slowdown of China, and the deteriorating credit situation in the Eurozone.

Sentiment is bad but not that bad yet, and not in all parts of the world, and that means we have some time to move our money away from certain areas before the first wave hits.

I am looking into multiple currency pairs plus US Treasury yields and there is semi-weak evidence that not all market participants have voted towards the downside.

Report - "Sovereign Credit-Default Swaps"
http://www.cnbc.com/id/38451750

We have US non-farm payroll data coming out on Friday 3rd and I would like to see it push the market even further down to close at a low, thus clearly signalling fear into the weekend.

If however markets do not close at a low on Friday, then it will be signalling confusion, and next week will be difficult to trade as Bulls battle the Bears.

Even I am buying into the sentiment and trimming my position.

Sell 30 contracts Copper July 2011 at 411.58 (2011-06-03, 00:32 am EST) for a profit.

This give me tremendous available margin to go shopping when opportunity presents itself next week.

Currently I have the following position;
Long 100 contracts Copper July 2011 with ACB of 409.26

Copper July 2011 is currently 412.15 (2011-06-03, 00:36 am EST)

I will be refraining myself from trading tomorrow, and force myself to be an observer only.

Total equity is 95% of June 1st, and a slight increase from previous.

Stay Tuned,

Jeff
(2011-06-03, 00:38 am EST)