ES Journal Archive (2009 - 2010)

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I closed my June put for a profit today, maybe a little early. I then went long ES and CL and made money on both trades however, I should have held CL for longer period. On ES trade I had 2 contracts, but price reversed on me as soon as I entered long on the trade, so I set 1st contract to get me out at BE and the 2nd contract to get me out at profit which is what happened. Finally July put will remain as a hedge against my long positions. I also had market orders that I entered in last night to kill my oil driller positions due to the stupid President saying he wants 6 months more of no drilling. I then had a limit order which got me into a different Chinese naked oil put position which I would not mind if the position gets put to me at that price. Now that I made double today on futures that I did yesterday, I am going back on sim from real money.

Quote from oraclewizard77:

Its scary to trade short, so only took 1 point instead of 2 points which the market was willingly to give me since I felt I got in a little late and was looking for the market to go a little higher to get back into a 2nd short position. The market never made it back up there, so I decided to buy a June put and not sell a lower put in order to see if over the next week we get another nice pullback. Insurance is cheap right now with the market up so much, so unless you think we are done with the correction, buying cheap insurance if you are long stocks is a good idea since when the market falls its too late.
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Two questions:

1) Monday is a holiday. Will the market sell off at the close or not?

2) What's the reason for that steep drop at 12:35 EST?
 
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