Saturday, 23rd May, 2009
Overview:
Equities flat lined for most of the session until the last 30 mins where a reasonable sell off occurred. Although the markets were relatively unchanged it was a terrible trading day for the option account. Delta exploded to over 200. I noticed this with about 30 mins to go. Loaded up on a couple of puts and managed to get delta down to 60 by close.
New Trades
Option trades:
EMC – long 3 June 11 Puts
– Test of support and major fib level
GWW – long 2 June 70 Puts
– Head and shoulders
NOV – long 1 June 36 Call
– Coiled at support looking to break higher.
Closed TRV and SNDK.
Stock Trades:
FX Trades:
USDJPY retraced nearly a big figure to 94.76. This could be the best entry I suspect. Monday will be odd as US is closed so could be some odd movements.
NZDUSD carried higher last night all the way to 0.62. Technically speaking its broken the neckline. I think a push to 0.65 is in order. I think will enter half on Monday morning followed by a quarter at 0.6275 and 0.6350 taking profits at 0.65 0.66 and evaluate then. Price projection is 70 but I am not sure I would trade that.
Sterling seems to be finding strength against all major crosses. I think a good trade this week will be buy sterling against yen but sell usd against yen.
Trade Track
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