Our stock positions have taken center stage recently with so many great trends in leading stocks coming to an end and triggering trailing stops, that we haven’t needed to make much comment regarding futures this week. The most significant move has obviously been in equities with the S&P and NASDAQ continuing to weaken and getting very close to our stops.
Since our weekend update the weakness in bonds and currencies has been modest in comparison, while Gold is again threatening to pay another visit to the lows of last week and August. The Yen remains rangebound and we have no likely signal yet, but we do have a short entry in Crude Oil which we’ve executed at tonight’s open.
This now makes us LONG S&P, NASDAQ, 30yr, 10yr, Euro, Pound, Gold, and SHORT Dollar, Oil.
Short Crude Oil ($CL_F) 10/10 -$100.00 per contract
Crude has struggled to regain any upward momentum since we hit our trailing stop on our long nearly two weeks ago. We saw a reasonable bounce back up to the 20EMA but it failed to build on that and sank back to make a fresh low today and trigger our short entry. We might see a further attempt to retake those MA’s on any relief rally should the government shutdown be resolved, but initially our stop needs to be a breach of the 9/18 close which failed to produce any follow through rally to new highs, triggering the selloff that took out major support.
Our existing positions are as follows:-
Long S&P ($ES_F) 9/18 -$2,337.50 per contract
Long NASDAQ ($NQ_F) 7/18 +$1,390.00 per contract
Long 30yr ($ZB_F) 10/4 -$593.75 per contract
Long 10yr ($ZN_F) 10/4 -$453.125 per contract
Short Dollar ($DX_F) 9/19 -$265.00 per contract
Long Euro ($6E_F) 9/19 -$75.00 per contract
Long Pound ($6B_F) 9/12 +$781.25 per contract
Long Gold ($GC_F) 8/16 -$6,350.00 per contract