Last night I called the market down today and it sure was, with the Dow ending the day with a dismal 253 point loss following equally dismal jobs news. Will a bull-bear ratio of 2:13 last night, it wasn't exactly a surprise.
Unfortunately, next week's not looking much better right now. And I'm increasingly pessimistic about the outlook for September as a whole. More details on that over the weekend.
Trades
I exited my SDS trade from yesterday's close at 23.90 today for a nice 84 cent profit. I also covered my now two day long ES Fantasy Trader short at1180.25 for a 22.25 point profit. I took some heat on this one the first day but patience paid off in the end.
With 10 contracts that comes to $11,125. Portfolio total now $133,625 after 8 trades (6 wins and 2 losses) since inception. Here's the trade:
SLD 10 ES false SEP11 Futures 1202.50 USD GLOBEX AUG 30 19:54:35
BOT 10 ES false SEP11 Futures 1180.25 USD GLOBEX 11:05:33The next ESFT trade will be Monday evening.
Posts
You bet I've seen them. Wow. This is a bearish identical three crows pattern. It has a very good success rate. I think we're headed for a retest of the August lows at 1123. Looks like we are in fact in for more downside. I'm now sorry I sold my SDS on Friday :-(
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