End of day stops

(Just before midnight, but logically today.) HG and CL closed out at reasonable profit (trailing stops).

Early morning stops

Z and ESTX50. Some life visible in European bourses. Probably le rebond de la chatte morte.

First Thoughts

UB bouncing around a bit. Not clear in which …

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Still reeling from the huge rally on Tuesday. Initial unemployment claims hit 3.3 million and the SPX goes up by 4%. This is truly an incomprehensible market.

PnL badly hurt by positions in RUT and TSLA and BA, all of which have rallied. The latter two, because they are …

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First Thing

Down 1.3% at the open, despite having taken a bracing position. Didn’t want to go completely market neutral as I believe that this market has further to fall.

As of 09:15:

• Bought 1 DX by accident. Was trying put on a stop, but didn’t …

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Today was deeply rubbish. Massive bounce of ES and other equity indexes. Too depressed to watch. Various stops triggered but didn’t stop fairly heavy losses, particularly on RUT and (bloody) TSLA.

See tomorrow for more detailed account.

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Well, this is the end of the quarter. The last week has been horrid, but the quarter as a whole will be OK.

This morning, first thing I did the following:

• closed the AIR puts. I am still bearish on aeroplane makers, but the market is turning (maybe),
• closed 9434 …

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Ideas picked up:

• Dollar demand is still high,
• lots of industries, particularly automotive in Europe, have a lot of debt coming due. Also insurance, tech, capital goods. More stress coming, as longer rates move up,
• big upward moves in SPX are characteristic of a bear market.
• 10Y-3M spread going -ve …

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10:53

Early indications (Twitter) suggested that equity markets were going to open down, so you sold ESTX50 & NQ. UB was hit hard, and you sold an extra lot. UB is very long duration and very volatile, so it’s uncomfortable. You sold BTP too, which seems a ‘safe’ bet …

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See yesterday’s entry. Biggest rally since 1933 continues. Everyone calling it a bear market rally, but no sign of it losing steam as Larry Kudlow tells the press that he’s expecting $6MMM of stimulus.

Peter Schiff going bonkers as the market rallies without gold following. I’m not …

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Chats with LewBITW

Saturday:

I like Bill Fleckenstein, because he makes a clear distinction between what he sees as the market over valuing or undervaluing an asset and what events might prompt him to actually establish a position. He is an active trader, and runs a fund, so it’s …

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Crumbs

This seems important.

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