I was looking at a chart of SMF and the market is right at the point where it previously gapped up. Does anyone think that we will fill this gap, or will the market turn around and head up? Why?
I've been long March $185 puts since meal was around $200. My position isn't very big (I'm 19). I could withstand my puts expiring worthless, but I won't do that because I cut my losses pretty quickly. I was working on the floor recently, and I heard that there is a huge report Thursday. What have you heard about the report?
Edward, I appreciate all the advice and input. I meant I am 19 years old, by the way. I don't think we'll get down to the 160 area by the time my puts expire either. However, I don't really expect to hit a home run on this one. My primary goal in trading right now is to build up enough capital so I can open my own account that will give me access to various markets. So if the market doesn't go my way, then I'll dump the puts - no big deal, I was wrong (or at least my timing was). There is always tomorrow and always other trades to be made. - Jimmy
TF, I give you kudos for taking the trade. Keep at it and hone that decision making process. The floor is a great place to be. make it your business to watch everyone and learn as much as you can while down. Go Get em !!!!
Gosh, pray for more Oil/Meal spreading & Bean selling to weigh on the meal to get it into the gap but then it'll probably reverse when it gets too far out of line. We'll see what happens Monday morning. Get out before the USDA/Crop Report.
J-Law, I agree in that you can learn a lot on the floor, even though it's not the ideal place to start a career anymore. As much as I wish it was, the fact is the floor will die soon. Especially now that the CBOT is public, I'm sure the shareholders will push for it. Nazzdak, I don't plan on holding this position through the report on Thursday. Is there anywhere where I can see past reports? By the way, I've always thought your name was cool Jimmy
I don't trade the oil, but do trade the beans and am short, and feel they will fall farther than today - March @594
Edward, I was only on the floor during my break from school. I also trade stocks, and I over the summer I traded currency futures. I plan on getting back into currencies soon. I closed out my short position in meal and corn for a decent profit. Talk to you soon. Jimmy