Wow.. Today we caught the big one! Haha! :)
Alright lets proceed with the daily summary!
30 Mins FKLI Chart
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FKLI Daily
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Cash Daily
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Haha.. what a day.. we traded to the following levels today:
FKLI
Opened 1582.50
High: 1585.50
Low: 1560.50
Closed: 1562
Cash Index
Opened: 1582.06
High: 1584.63
Low: 1574.67
Closed: 1575.08
We caught a nice trend today..
Futures gaped up 7 points and made a high at 85.50 which was 10 points from the last close. Then cash opened and made a high of 84 too which was the high of the day. It could not break the trend line above so just following simple rules, we shorted the market at 80.
Market did briefly push down to 77 in the morning before recovering to 82 and closed at lunch at 80-80.50. Lunch opened at 78.50. We were in the money and now I know that the longs are stuck! haha.. I had set my initial target at 75.50 and after discussing the trades with a few other traders including Mr Lee from Bintulu and Teo, moved the target lower to 74. Eventually, moved the target to 70 where we got filled.
Honestly, had I been more daring, I would have held it as it eventually made a low of 60.50!! I knew cash was coming down but I decided to lock in the profits. A good day indeed, but it also goes to show how much I still need to improve to let my profits run on a day like this.
A good day nonetheless!
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On a non related subject, one of client had 2 spreads in cpo today. In the morning, looking at how things are so bearish in the FCPO, I took off one of the long legs and that paid off nicely too. Then I replaced the leg to lock in the profits by afternoon. I should have held it longer as the FCPO just kept tanking!
In the evening, I though price would rebound in the FCPO so I took off one of the short legs. I was wrong as price came down more! wow.. lol.. couldn't believe it! So I gave back a lot of the gains made in the morning but still had some profit in the FCPO spread trade.
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So what to expect tomorrow?
Dow is down about 100 as of this writing just 20 minuted before cash open. I would like to see how the market perform tonight. That would give us an indication for tomorrow.
FKLI closed a 13 point discount to cash market today. Simply amazing. Too bad I didn't caught the last 9 points down but I'm happy we have caught at least 10 points today.
Perhaps we will have some pull back tomorrow because the discount is so much and the drop today was just simply huge? We will find out tomorrow.
I will post the levels before the market opens tomorrow.
Take care and ciao everyone!
Best Wishes,
Tech Trader
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