Things are sounding optimistic on trade negotiations with EU and Mexico over NAFTA. It seems reasonable if actual trade treaties happen, the SP500 will test all time highs. New home sales are weak and auto sales could be better. Money flows to risk based assets still seem tepid, other than most US based equity indexes, given recent developments, although much better than the last few weeks. My trading plan for today is to trade in the direction of the open of the US Regular Session. Since we are still between "Optimism" and actual trade agreements, I will be open minded about trading VXX from the long side. I expect a trading range day, so I need to be particularly responsive to intraday support and resistance.
Long 1 of 4 VXX July 27 31/32/33 fly at .12(Filled at mid). Cancelled the rest of my order after ES popped back up.
Might try not fighting trends today. Thinking of taking buy signals on SPY. It is Friday, so definately going to be done early. Probably going to see my $12.00 Net Premium fly expire worthless today. Boo hoo.
Out of VXX Fly at .07. Wish I had been paying attention to market. Finally a short side play. Of course, was looking for longs earlier, but when market went below the open, I decided to stand aside befor getting busy with work.
This fly closed the day at .44. I didn't know the market had a big down day in it anymore. Been reviewing my trades and came up with dozens of errors. The overriding consideration for me it's the amount of time I have available to short term trading right now. I am very busy at work and will likely remain so until at least February, 2019. I have mountains of ideas I want to test. I also have mountains of discipline and other issues to address to have any hope of making short term trading and eventual portfolio management a profitable endeavor. Therefore, until I am able to address these issues, including serious time limitations, I will suspend my short trading until further notice. Probably until at least March of 2019. I'll take my $22 of net profit and buy myself a fancy chicken dinner! Congratulations to the winners of the side bet poll who chose "Below average performance".
Have a little time today and a little mission: Make at least $1.00 on a bearish position on TSLA for bragging rights. I want to be able to say "I made money shorting Tesla"! My plan is to wait for TSLA to penetrate a threshold amount, say $.50, of its regular US session opening and to enter at that point, risking $1.00, with an initial objective of the previous trading session's low. Should this objective be reached, I will look to reduce exposure and may hold remaining exposure overnight. I will also consider correlated performance of USO, TAN, and IWM. Additionally, I will be watching for money flows away from risk based assets into "safe" assets.
Sold 6 TSLA @ $366.25 at 9:22:11 ET. Decided to fade the nice, ten point markup. Stop is open plus $.50. Profit taking order hit @ 360.25 at 9:30:08. Objective of profitable TSLA short achieved. May look to double dip after seeing how this mixed open plays out. TSLA is way too volatile in early AM to be able to use tight stops. Future trades will involve options.