I just got back from the office as we had a briefing on the new FCPO and FKLI options.
Ok first of all, a big big apologies to all of you our there this morning as I didn't have the time to update the trading levels. I was expecting a big gap down so I was parking orders left and right for quite a few customers and that requires a lot of focus and attention..
Too bad we didn't gap down as hard as we did like the previous two times when we touched 58 and 55. hehe.. Oh well.. the market will always be here.. :)
Here is the summary for today as there was not much range to trade.
FKLI 30 minutes chart
We traded to the following levels today:
FKLI
Opened: 1574.50
High: 1578.50
Low: 1570
Closed: 1578
We opened at 74.50 and quickly touched a low of 70 before bouncing sharply to 75 area. Then we drifted up to 77 and then traded in a tight range and drifted lower to 72.50.
Like I posted this morning, I had a shorts averaged at 74.25 and I was happy when priced drifted lower to 72.50. Cash also came down to 79 level at that time. Funny thing.. the whole regional market was down heavily.. but Malaysia boleh... Cash recovered..
Cash bounced up and soon futures followed too. I had orders to close at 74.50. Only one got filled and most got filled at 75 for a small lost. Price then just traded in a tight range of 74.5 and 77 for most of mid day. In the afternoon, we did touch a high of 77.50 before pulling sharply back to 73. If I had held my shorts, I could have gone out with a small profit.
Cash was basically holding though out most of the day and started to rally late in the day and had a last high matching price of 1584.87. This caused futures to go up and make a new high too of 78.50 before closing at 78.
In the afternoon session when price pulled back to 73, I was thinking of whether to go long at about 74-75. But with the regional all so weak, I just couldn't justify the risk vs reward because if I long 75 and go out at 77, but taking such a high risk, it seems that it was not worth it so I just sat on the sideline though out most of the day.
Looking forward to tomorrow. US futures have recovered most of the losses today and we are taring flat now. I will see how we close today and update the levels again tomorrow.
Gonna rest earlier as I am getting flu already.. uggh...
Good night and see you all tomorrow!
Sincerely,
Tech Trader
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