Forgive me if I ramble and repeat a bit. I’m tired and have so much on my plate I’m not even sure what day it is. Had sat up all Mon. night trading futures and accumulating big contracts after having driven to New Burn No. Carolina and back on Mon. That was an 1,100 mile non stop drive plus I sat up all night. Then had a 3 hour nap and drove to No. Jersey & back on Tues. another 250 mile run. Yesterday I ran the trading room. Today another run to No. Jersey and back by early this afternoon. Then out the door again to handle some business ventures. Trading all night and all day, which I do when I think we’re near a turn. It’s no wonder I’m turning grey!!!!!!!
Will be taking a trip to Wis. in about 6 weeks to visit my favorite watering hole for a few extended sessions with my old friends. The one above knows full well I need a break. Heck, the wife even bought me a bottle of booze this past weekend!! Now that’s a partner.
Most are likely confused from the constant up and down AKA volatility we’ve seen since the March 10 low. Heck, even I’m a bit confused. This March 13-ish cycle is not making it easy for me. But I did say over the weekend things might get pretty dramatic! It would be wild if today’s cycle hit turns out to be a S/T low and a S/T hi. I’ve seen it before.
Well gang,,,,,,,,,,,,,,, aahhhhhh,,,,,,,,,,, errrrrrrrrrrr,,,,,,,,,,,,,,, I hope my futures short cash out and initial long entry this AM wasn’t ignored. I’ll bet it was!!!
We did nothing with our EOD accounts today. In fact a fair amount of cash was raised from the AM buys as we were in with both boots. While I tend to go all in long or short I want either the confirmation signal or a bottom signal before I’ll hold a full boat for more than 1-2 days. While it’s not my style or any of my trading partners styles, if we have to do a full load at higher prices so be it without a bottom signal.
I was able to get back in time to do a fast review, consulted a bit with my one partner and it was decided that even though 1350 might be seen in a couple days we’d play it safe and back off.
Now, if you recall I had mentioned where news announcements will sometimes come in right around a pivot period and make the trade very effective. I don’t know why that is, might the human psychology thing again? Heck if I know. Anyway it happened again last night and again today around 11 AM giving us VST traders more gains in 1 day than most will see in any week or maybe month.
It’s all about opportunity and knowing what to do with it.
This 13-ish cycle might turn out to be a secondary low. Can’t say for sure. If we’re up tomorrow then the next entry point is likely to be late next week or very early the week after.
It’s going to be much harder now to project when these entries will be or at least I think it will be.
Regardless, my bear suit just went out to the cleaners. Yup, I’m ready to lock and load other than for a little day trading and a bit of Rydex and EOD accounts adjustments as we go into what should be a confirmation low swing in April.
Now, I’m not saying Mon. or Tues. AM was the low, as we didn’t get a bottom signal & from what I see having reviewed today’s data still don’t have one. But it sure would be cool if Mon./Tues. turns out to be the low as the cycles projected.
1265 is still key.
I will give you a strategy we’ve implemented in all accounts. Any EOD buys taken on Mon. will now become a core hold for several months. Some shuffling was done today to make this accommodation add up. Our core hold is about 20% non-leveraged. If we blow thru 1265 the pain should be short lived.
Then our plan is until we get confirmation or a bottom signal to trade around the core hold.
Buying weakness and selling strength until either signal is seen will continue much as I’ve demonstrated since mid Jan. No MO MO trading in our group as it just doesn’t work and won’t for several months, as you’ll see.
As we buy dips, the buys will be added to the core. My plan on the next fair sized dip is to take the core to 45-50%.
Once we get confirmation or a bottom signal the core will be shifted to a full leveraged hold along with all available cash.
The trading partners and I agreed a few weeks ago there’d be a limit as to how much I’ll be posting on a public forum. That end is coming near but not done as of tonight.
I’ll have some more non-trade related things I can share with you in a few days. I need to eat something, get some sleep and tall cold drink. Think the Southern and DP first sounds good. After all, one must have priorities.
chow