ES Journal - 2019/2020

Headed out for 18. No one wants to be short going into tomorrow so I look for a firming of the market into closing today. ---Talk to you soon---

 

I figure we won't break down completely today, but surely tomorrow. The litmus test is at 2800, which coincides with 50% and the major trendline (see below). If we close below 2800 tomorrow, this market is toast.

 

I never knew a futures price could trade below zero?

 

Au contraire...

I started legging in short last week. Was looking to put more to work towards 2950 but I don't mind averaging in if that's all she wrote

 

I was wondering if this has ever happened before with oil and if so how many times in history? Anyone know off hand?

 

Someone better page Mr Magoo at Rinky Dinky Golf Club to tell him about his crude longs.

 

AFAIK - this has never happened before . This is an historic event.

 

"But I thought it was zero bound".

"No sir, it's 37 below zero".

 

CME sent out a memo last week about this. I can't recall this ever happening since I've been trading some 30 years now. Anyway, May contract is the spot month so that's the price it will be delivered. Hence, there's a killer arbitrage opportunity if you can store the oil by buying the May and selling June.