This is exciting, isn’t it? We had our Live Trading Webinar yesterday and our last Trade Idea was a long on Gasoline (/RB) at $1.82 with a planned double down at $1.80 for a hold into the weekend if we had to but already we’re up $1,000 this morning and that, added to our quick trades on the Nasdaq (/NQ) and the Russell (/RTY) Futures during the webinar put us well over the $2,000 profit mark on our Futures Trades, which is just where we want to be with 2 hours’ of “hard” work.
The indexes were far too scary to trade overnight and, even this morning, I’m less than enthusiastic about the “rally” that’s lifting the Dow (/YM) back to 24,800 because that’s still 2,200 points (8%) down from 27,000 which means it is only a weak bounce (20% of the 10% drop) and we’re not going to be impressed by anything less than getting back over the 25,300 mark, which is still 500 points away.
These are the same bounce lines we predicted we’d need yesterday morning after completing the 10% correction – we just weren’t expecting to complete it yesterday and we didn’t quite get to 24,300 (the 10% drop from 27,000) but we never quite got to 27,000 either – so fair is fair I suppose…
Actually, I’m not expecting us to bounce back to the strong lines and, as I said last night on Money Talk (where we announced our portfolio adjustments and DID manage to add the MJ trade we discussed yesterday morning)