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)
No comments:
Post a Comment