Wednesday, March 21, 2007

March 21 Trade Summary

I decided to scalp the first hour and now I'm going to sit back and watch. My scalping skills kinda sucked, but I still came away with some profit with the small opening range on ER2. If I would have held my short on YM from that weak short covering rally at the close yesterday I would have made a profit. I'm not too mad about that though because I hate having to stress about holding positions overnight, and If I wanted to I could have shorted at the open to hold true to my confictions.

I think the market is going to go down. The Yen and bonds are on support, and the stock indices have overhead resistance. The best trade right now is probably buying vix calls. I honestly don't think there is anything new that Bernanke could say that the smart money isn't already aware of. I'm going to try to do an inverse pair strategy on the simulator by going long JPY and long ER2 as a hedge.


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