Profitable Day

Well what a nice day it was. I got out of my (POT) about 10 minutes into the session with a $5.20/share profit. I also did 2 trades in the forex market GBP/USD and EUR/USD and made 30 pips on each trade. So in testing this new system I am 2 for 3. I had a buy signal in (POT) a couple of hours later but passed on the trade because oil was down 3 bucks at the time. Would have turned out nicely. I started watching (KO) today for possible future trades in it.

The Rate Cut

Well it looked good for a while but the 400 point drop in the last 10 minutes of trading did not sit very well with me or anyone else I am guessing. (POT) rose about 10 bucks on the day anyways and the 1/2 point rate cut sent the US dollar down driving commodity prices upwards including Potash Corp. A pop early in tomorrows session that doesn't look to go anywhere will get me out of this position. No signals in the forex today and I didn't trade the futures because of the FOMC rate decision.

Buy the Rumor...sell the fact.

The dow rallied 889 points today...the second largest rally in history on the rumor that the Fed will drop interest rates tomorrow by 1/2 a point. We will probably see a rally early on and when the news hits at 2:15 est. the market will fall shortly afterwards. Just my guess. My position in (POT) advanced 6 bucks today making my loss smaller but we still have a ways to go on that front. I am trying a new trading methodology in the forex market and did one trade in the EUR/USD losing 50 pips. I just happened to get caught up in the rally at the end of the day. Will have to give a couple months of testing before I give my opinion good or bad.

Slow Day

Not much to tell today. POT dropped and we may have to hold onto this one for a while but thats ok. The forex market has such huge bid/ask prices that I didn't even think about trading it today. I am looking at buying some energy income trusts if the price gets down to where I want them to. With a yield of over 20% its hard not to load up on some of the best oil trusts around. Enerplus Resources and Penn West are the two that I am looking at buying but I may have to be patient about it. The dow was up 200 points for a while today and ended up down 200 while the tsx was down 700 to close under 9000 for the first time in 4 years. Ho Hum, just another day in the markets.

More Pressure

The markets are starting to feel the pressure and a retest on the dow should soon come. If we can hold 7880 and get a bounce we should be ok for a while. If we break 7880 however a mass of selling will come into the market and who knows where we will end up. Potash Corp had stellar earnings, crude oil is up, and currently the dow is up but for whatever reason no-one is interested just yet to buy (POT) Yesterday I did 2 trades in the forex...USD/JPY and USD/CHF netting about 20 pips. I also tried the e-mini dow and got my ass handed to me in about 30 seconds. Well, it wasn't that bad but I will wait for the VIX to drop below 30 before doing anything again.

Yesterday

When POT opened down $4 at the open all my hopes of liquidating my position were dashed. Looks like now I will have to hold until earnings come out which is not what I wanted to do. It looks like more pressure today as well as crude is down over 2 bucks again this morning. I did a trade in the USD/CAD pair on the break of the KB down 3 point. I set the trade the night before and when I came down in the morning I liquidated with 50 pips. NICE. I watched the mini-dow trade but its still too volatile and the risk amounts are way too high yet.

The Dow Rallies

Today was a good day for the bulls with the Dow rallying 400 points by days end and oil was up 3 buck today as well. My position in (POT) also rallied and was up about $7 buck per share today. I need the market to move another 4.10 to hit my limit order and take me out. I may take what I can get early and step aside until earnings are released on Thursday. Nothing was done in the forex market today and with the VIX dropping from the 70's into the 50's maybe I will get to trade the mini-dow by the end of the week. Time will tell.

Out of Commission

For some reason blogger thought that this was a spam site. I was shut down for a few days until they reviewed me. So much has happened to the markets since the last time I updated that it would probably take me days to say what all has happened. We will start updating on a regular basis starting next week. I guess the only trade that I did was sell my (POT) Potash Corp. on monday for a $5.20/share profit. I then re-entered on wednesday for about 20 bucks a share cheaper than the first time I bought. I still continue to hold it and hopefully with earning coming out on thursday we will get a little pop up and be out with a profit as well.

Chop Chop Chop

The market has been very undecided this morning opening the day up about 150 points on the news that the Aussie's dropped their interest rates last night a full point. Since then it has dropped off and has been very wishy washy. I tried to do a trade in the USD/JPY early on a break and hold of the 120 m/a but was not filled. A good thing too because it has just chopped around ever since. The e-mini dow futures are still much too volatile to trade for me as my risk limits are violated. I will have to wait for calmer weather to get in there. I am still holding my position in (POT) and would dearly love to get rid of it on a test of 100 bucks. We will see what the rest of the day brings.

Market Meltdown

I thought I would start a blog today due to the fact that I cannot trade in this environment. At the very least it will give me something to do. It looks to me like we are on the verge of a disasterous week in the financial markets unless the Fed steps up and surprises us with an interest rate cut. Time will tell but until then I will be sitting here on my hands.