Monday, January 16, 2012

Martin Luther King holiday trading

Markets closed earlier today because of Martin Luther King holiday. Consequently, action was particularly muted on the markets but, surprisingly, not completely dead. Early this morning I had the opportunity to go long crude oil and short gold. Most of my profit today came from these 2 trades. T-notes were not moving really so I exited at almost breakeven on the trade. Natgas has continued to slide again today but my indicators are telling me that we are more than overdue for a bounce/short squeeze. I went long at 2.580 the February contract this morning targeting a move upward over the next few days. I am not normally carrying positions overnight but I will make an exception for this one. Panic stop set at 2.38 on natgas. Result for today +$588 trading 2 contracts (commissions included). Details below.

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