The pattern lately seems to be weakness after strength, with strength outnumbering weakness net. :)
I think we finally have fundamental strength with continued heat in the summer, and hurricane nervousness premium. Tommorow's net EIA number will be interesting. I'd rather be on the long...
sold 2 NQ at 1512.50. Gain $625. 2:28pm.
Misread direction for day: Bought 1 QG 8.54, sold 1 at 8.30. Loss $600.
Swing trade: Bought 1 QG at 8.06.
Have open orders at for 2 each at 7.60 and 7.50. Price target: 8.20-9.00 (depending on tommorow's report).
What a great morning.
1) Sold 2 qg at 8.235 at 8am est.
2) Bought 2 NQ - 1 at 1495.25 last night and 1 at 1498.00 this morning.
3) Sold last night 50k usd/eur 1.2822.
4) before last night's close bought 50 DVN Sep $70 calls avg 1.70. didn't realize with potential buyout IV would...
long 2 qg 7.50. target 8.00.
i'd normally say we'll be at 8.00 within a day or so, but with this market there's no telling - i may be there by night time.
i will add to this long position as long as the reports are bullish and/or hurricanes are coming.
didn't anticipate this order...
i need desperately to keep my positions in and stop this quick profit taking. I gave up $4k worth of profit just today doing that. Same goes for yesterday... :)
short. 2 ES this morning, 1 at 1277.25, 1 at 1275.50. will try to let it run the best I can. :)
bought 50k usd/eur on sunday at 1.2756 on concept that fed may pause on Aug 8.
natural gas short starting last night..
a. originally, i sold short 2 contracts average 8.17
b. last night, i put in a sell order for 1 contract at 8.50.
c. the order filled this morning.
d. nervous that this thing would continue to rise, because I didn't expect it to keep going past...
I'm relatively new to elitetrader, and new to trading in general, and thought I'd contribute my trading ideas. My trading involves a mix of 1-20 day position trades and a few intra-day scalps when the opportunity is obvious.
My index future moves are generally intraday, while my energy plays...
i'm out of the trade. here's how it went.
a. originally, i sold short 2 contracts average 8.17
b. last night, i put in a sell order for 1 contract at 8.50.
c. the order filled this morning.
d. nervous that this thing would continue to rise, because I didn't expect it to keep going...
Its a tradeoff I'm learning to negotiate. The rewards (and losses) are much more if you let things run their course during night.
Thanks for the luck. Its a bold position, because after a day like today, you realize how irrational the market proves itself to be. 14% in one day is wild. And...
Tell me about it. I went long averaging in 5 contracts on thursday right after that withdrawl natural gas report.
Not comfortable holding that much downside exposure for long. I was averaged in around 7.12. I sold 3 of them off around 7.25 on Friday, and the remainder 2 early in the morning...
http://news.yahoo.com/s/ap/20060731/ap_on_re_mi_ea/iran_venezuela
I seriously made my recent post about Ven and Iran before I found this just now. Speak of the devil.
energy ratio is 6 mcf per 1 barrel. So if oil is at $72, gas should be at $12.
But of course because they aren't interchangable (you can't run 99% of our auto fleet on NG), NG has storage issues of its own, etc. its not simply wise to buy NG and short crude until that ratio corrects...
i love the immediate effect - concentration abilities, but I get too much jaw tension, withdrawl headaches, etc.
I have to avoid it entirely, including no tea or chocolate.
I think I'm naturally high strung as it is.
Exactly. Furthermore, I bet Iran could work something out with a fellow OPEC member in the form of kickback to compensate for their lost oil revenues.
And if peak oil is true, OPEC has nothing to lose from demand destruction caused by spiked oil prices.
Iran doesn't need to take militaristic action to spike oil past $100. If they simply consorted with Venezuela and each country agreed to cut their exports in half, you'd see a shock.
On their own, they could just stop exporting.