For all the drama that unfolded today it was a good one overall for our futures positions. We remain LONG S&P, Nasdaq, Dollar, and SHORT 30yr, 10yr, Yen, Sterling, Gold. Of all those, it was only the move in stocks today that could be considered countertrend. Put in that context, today’s other moves in bonds, currencies and commodities were fairly unremarkable as most simply marked an extension of their existing trends.
Let’s take a quick look at our open positions. For reference P&L on these charts is always shown per contract:-
Long S&P ($ES_F) 5/6 +$2,487.50 per contract
Wide range days like today sure seem scary when you’re sitting there watching every tick, but when I look around tonight there’s not much that’s changed here. We’re above first support around 1650 which was tested today, and we could comfortably accommodate a move to the 1630′s without endangering the uptrend too much.
Long Nasdaq ($NQ_F) 5/6 +$1,395.00 per contract
It’s a similar story in the Nasdaq, breaking that incredible sequence of higher lows, but with little damage done.
Short 30yr ($ZB_F) 5/13 +$2,343.75 per contract
Here’s where the real action is, a stunning reversal in both 30yr and 10yr with more follow through tonight.
Short 10yr ($ZN_F) 5/13 +$1,015.625 per contract
Long Dollar Index ($DX_F) 5/15 +$800.00 per contract
A solid consolidation above the breakout level, and resumption of the intermediate uptrend.
Short Japanese Yen ($6J_F) 4/10 +$5,262.50 per contract
Same old big trend. Not stopping.
Short Sterling ($6B_F) 5/20 +$1,006.25 per contract
Strong follow-through here, really starting to unravel, but we’re not seeing anything like this in the Euro yet.
Short Gold ($GC_F) 4/5 +$19,180.00 per contract
No change. Bears still in control.