Thursday, 21 May, 2009
Overview:
Big volume on an intra-day reversal day gives some pretty bearish price action. Weakness was lead by financials; I have taken bearish financial positions accordingly. Although SP500 held 900 I think there is reasonable argument for further weakness for the rest of the week.
Support at 875 resistance at 950
New Trades
Option trades:
SNDK – long June 14 puts at $1.14
– Rolled off resistance, looks like it could retest recent lows.
IAG – long June 10 calls at $0.83
– Taking a position to benefit from rising gold prices
NTRS – long June 45 puts at $0.90
– Increasing short exposure to financials
FMX – long June 35 calls at $0.85
– Broke through a major fib level, tight stop below the fib level.
Stock Trades:
FX Trades:
USDJPY fallen off sharply – missed a great entry point. Will decide over the day whether to enter into the trade or risk further fall in prices for a potential pull back.
Trade Track
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