What a great trading day.
As I said in the last post I was having a tough month after a fantastic trading performance in April.
Have you ever heard that its better to be lucky than smart? Well, today I feel both lucky and smart. I closed my short S&P Futures position at 896, pretty close to the lows of the session. I lost 2 full points in the contracts that I was carrying, but it was enough to put be back in the plus column for this month.
I had a few scalp trades in oil and despite losing some bucks in this ill timed short position, I am again profitable in May.
Now I only have the short oil position, but I am very confident that I am going to make a few points in that position. Oil was lifted by the positive sentiment in the stock market and I think being long oil at these levels is a pretty asinine play. Time will tell if my confidence in this trade is misplaced or not. Have you read the Krugman article I have recommended you?
Have a good trading day. I will be back tomorrow.
Petroleum Oil Gas info Blog is a website for active online futures traders. I will provide my real time trading decisions and my market thoughts on this webpage.
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