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The week is almost over. Here is how these trades stand
currently. (Bracketed comments are the trading results
versus the prognostications made last weekend)
Sept SP500
TREX calling top 960 (Kind of late now huh?)
retracement levels to 920 in next 5 trading days on
lower lows. If market does not make new lows, on next
2 days of trading BUY anything that gets close to 940.
[ The market hardly GLANCED at 940. I think 947 was the
closest it got. NO TRADE ]
Sept TBonds
Possible retracement to TREX level @ 113.00
Range predictions for this week: 113 to 115.25
BUY/SELL these levels. If Bonds freak on Monday,
we could head lower, but I'll stick with these levels
since they seem the most logical.
[ TREX levels not yet reached. Only traded as high as 115.06
NO TRADE ]
Dec Gold
TREX says upside moves will not be sustained
Range: 334-322 If market Opens monday and trades Up,
then BUY em to 334 then dump 'em.
If market trades down, SELL em and
take profits near the 322 level.
I will probably simply be buying or selling breakouts
of Friday's trading range. I won't BUY a gap open on
the upside, but I will SELL a GAP open on the downside if
any gaps occur on the Open.
[ Dec Gold sold 8/5 at 327. Market exited on profit stop
at 322 . $480 profit per contract after commissions]
Dec Corn
Too far too fast. Corn back to 2.60
[ Dec Corn SOLD 269 8/4 exited MOC 8/5 257 1/2
$530 profit per contract after commissions]
Nov SoyBeans
Bull Call Spreads on higher prices to 7.20 and then SELL
7.20 hard, if this break occurs within first 3 days of
trading next week.
Bear put Spreads on failure of Beans to breech and close
over 665 in first 3 days of trading this week. If we
trade down to 6.20, liquidate the puts and look to go long.
[ Playing with Corn, so I don't want to get too complicated
Bought Nov 600 puts. Currently up about $300 per option
These will be exited tomorrow as our price objectives
appear to have been reached. I have already scaled in some
CAll options in anticipation of a return to higher prices.]
Dec Wheat
If Wheat breaks out over 3.80, then 4.00 looks like a pretty
safe trade. Consider selling 4.00 if Wheat trades there in
first 2 days of the week, and stalls out. On Lower prices,
the 3.70 mark should hold for one bounce. (TREX level)
[ NO TRADE }
Sept Silver
Sell 4.60 Monday and Tuesday. Sell 4.65 W,T, and Friday
BUY 4.30
[ 8/5 low at 429. 8/6 looking for the Low to hold
8/7 Low held. Bought Open 431.50 Currently long at
437.5 , and looking to exit tomorrow on the open.
$280 profit per contract after commissions]
Sept Copper
TREX range: 104 - 111
Minor Breakout in first 2 days of trading,
Look for beginning of major move Friday or Monday
This market will be wild near the 104 and 111 points.
If either of these crack, well..... just go with it.
[8/4 looking to enter at 104.70 on a limit after Copper
established a low of 104.70. This level was hit again
during the session, but with no trade through, so NO FILL
(The curse of the Limit order. How annoying) One of my
trading rules is not to chase markets so.... NO TRADE]
By the way, Copper has reached it's objective on the
high side. I will be looking to SELL breakouts from the
congestion pattern's downside tomorrow.
Sept Heating Oil
Why on earth would this market go higher? No major Summer
storms to hinder production means lower prices.
Historically the suppliers run tight inventory when
supply appears to be abundant. so......
SELL Opens below 57.00 Protective stops above 57.00
Take profits near 53.75
The only thing that bothers me about this trade is that
many people seem to be of the same opinion. Still, I will
take the trade if 57.00 isn't immediately broken.
[8/4 SOLD on Open 56.70 Stopped out 57.30 BUT the Spider
is smiling (See Smiling Spiders post) so.......
8/6 SOLD 57.60 breakout of previous day's Low. Currently
short at 55.45.Will exit during the night or on the Open.
TRADE 1 $272 Loss per contract after commissions
TRADE 2 $883 profit per contract after commissions ]
Sept Coffee
Buy or sell breakouts of friday's range IF market trading
within friday's range.
take profits at
160
205
Monday could represent a VERY large trade.
[Normally I like to trade breakouts under the following
rules. 1. The market must be trading within the previous
day's range. 2. NO TRADE until session is 1 hour old.
8/4 Bought 188 on breakout of Friday's high.
8/6 Exited on trailing stop at 197.25
$3448 profit per contract after commissions ]
The market went on to reach the 205 objective and more.
Walt Downs
CIS trading
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