Long the 10 @ 1250.00 today, 10 @ 1240, and then added 20 at 1226.00 at the close. The average is 1235.50, which seems far away, but I am confident we will rally over the rest of the week to the 1260 level which is where I am planning to sell.
futuresRX Any thoughts on buying dec/apr hogs here? Spread is 14 under currently and as far as I know I have only heard of it being as low as 15 under in 98 and 02. Also thoughts on dec/feb hogs and dec/feb cattle? Had some dec/feb hog shorts on but took profits after that spread tumbled but im thinking if we can catch a pop again im looking to short it again. Thanks
What an interesting past few days! I haven't been caught up with the markets lately, due to a death in the family that I had to fly out to California for. Indexes have been pretty interesting and extremely volatile (as I am sure you all know). I didn't have a stop on the trades as I normally manually close them out. Friendly clerk of my firm rolled these to the Z8 (december) contract for me last week to avoid hassles tomorrow. Out the 40 Septs at 1235.50 (break-even) and long 40 of the Decembers at 1236.00. Good thing we had a nice move today (and overnight now). Am still looking for a 1250 level to close out at, which we could very well get tomorrow. Will be stopping out on a close below 1200. As far as the hogs go, we have seen a pretty large move downward, something I didn't expect. My position trades currently have me as flat the overall spreads, as I was just closing out my short Dec/Apr hog spreads. May start to look into to getting long Dec/Apr spreads at these levels, reversing the trade to the bullish front month stance. Not much going on in the pit, as it seems some haven't returned from summer vacation yet! Volatile enough with some institutions to move the market though (and that is one reason for the big fall in the market). May start looking to get long Decembers outright here at the 65.00 level.
Don't blame you for staying out of this mess. The VIX is nuts right now and whipsaw is all over. I am also waiting until either sanity or predictable price action returns, before I come out of cash. If it doesn't, I'll just make another system for the new price action.
Hello folks, Sorry I haven't been updating this lately. Been having family issues that I just finished taking care of. On the 40 Dec longs from 1236.00, I did get out on the 19th as I posted previously at 1250.00, where my limit order was, for a 14 point gain, or a $28,000 total gain. Running realized profit is $128,072.50. Looking to get long a small position (5 contracts) at this level, and I have a standing limit order of 1115.00 to buy. Hopefully everyone out there is doing OK and not too damaged from this trading action. I haven't been home since last week and am AMAZED that we're seeing low 1100s in the S&Ps. I am starting to get interested, like I said, at this level, as I think the reaction of the House vote today was overblown and we will rally again after the revised bill is finally past. As far as downside targets go, we could see 1070 based on the monthly chart. I do not anticipate that level, however, as I think this record VIX level represents too much fear in the market and don't think we can go (much) lower. Good trading to everyone and I'll be sure to update this more and more as I am finally trading full-time again.
Long 5 at 1123.25. Looking for 1135 tonight/tomorrow morning if possible. Limit order in. Will consider adding at 1115.
Got the 1135 this morning for profit of $2,937.50. Running realized profit is $131,010.00. Also, near the close, bought 5 at 1105.00 and another 5 at 1110.00, to make the average 1107.50 being long 10 contracts over the weekend.