What a fun market this is!
After being totally bored making money on bullish bets in 2017, 2018 has been a non-stop thrill-ride with money to be made in both directions. Yesterday, we got yet another chance to short the Russell (/TF) at our 1,550 line and we got another 20-point drop to 1,530, which was good for gains of $1,000 per contract and our call to go long on Coffee (/KCH8) at $119 from yesterday’s Morning Report is already percolating at $120.50 and that’s good for gains of $562.50 per contract already and gold (/YG, also from yesterday’s Report) has jumped from $1,327.50 to $1,330.50 but that’s only good for gains of $96.60 per contract, as it’s a cheap contract.
These are just the quick trade ideas we give away for free folks! If you want more trade ideas, I’ll be on Benzinga TV’s Pre-Market Prep Show at 8:35 this morning – Tune in here.
Meanwhile, we’re not at all fooled by the pre-market bounce in the indexes as we’re still not clearing those strong bounce lines and it’s the same lines we’ve been using since the crash, which I last updated in Wednesday’s Report:
Since then, have we made any improvements?
No, apparently not, so don’t lose perspective and, most importantly, don’t get excited when the market, like a ball, bounces less than half of what it fell – especially when it’s two weeks later and you’re still not moving higher. It’s more likely, at this point, that we’re consolidating for a move down than a move up but +180 on the Dow at the open is the pre-market push that reels the Retail Suckers in while the Institutional Investors dump their holdings into the weekend.
Last time I was on Benzinga, we talked about GreenCoin, which was 0.001 at the time and I don’t know if it’s just because I’m scheduled to be on again today but GreenCoin has shot up to 0.004, which is up 300% in a month so you’re welcome for that one!
Keep in mind all cryptocurrencies are silly so, if you have more than a double and don’t take half off the table (leaving you with half for free) – you are simply being a fool, who is likely to soon be parted with his money.