Market go into sideways mode = more flip flop. Needs data to find a direction but US is itching higher. Trade action today averaging down in marijuana and coffee and looking for an entry point on Roku rocketship. Profits come along in agriculture which is becoming quite volatile.
Portfolio News
Market Flip Flop
The headlines say it all. It's a flip flop.
There is little doubt the central banks are holding sway now that oil prices are stabilising. US markets are cheered by the prospects of early stimulus if it is needed.
European markets are bifurcating based on ECB action. Banks are up and mostly the rest is going sideways/down.
Oil Patch Woes
The oil patch is not doing well based on excessive debt levels.
The bankruptices are hitting, especially in oil services. In my portfolios, I have two running - Emerge Energy Services (EMES) and Weatherford Interenational (WFT). Biggest faller yesterday was McDermott International (MDR) down 26% after a 50% drop the day before. They appointed Alix Partners, a specialist turnaround consultancy to fix the problems.
Looks from the chart like they should have done that before the last earnings announcement - down 84% since then.
Do not be surprised to see this level of problem flowing through into junk bond and high yield debt markets (JNK and HYG). I am short in both.
Bought
Increased marijuana exposure in one portfolio (still below 5% target holdings). I will keep averaging down - I missed adding to Canopy Growth (CGC). Do that tonight.
Aphria Inc (APHA.TO): Canadian Marijuana.
Harvest One Cannabis Inc (HVT.V): Canadian Marijuana.
ETFS Coffee ETF (COFF.L): Coffee. Averaged down in one portfolio based on analysis set out in TIB 475 = double bottom formed.
Sold
Trailed stop losses in a few commodity markets.
Corn Futures (CORN): Corn. Closed one contract for $2.20 (0.6%) per contract profit
Chicago Wheat Futures (WEAT): Wheat. Closed one contract for $1.30 (0.27%) per contract profit. Replaced that contract on a 4 hour reversal.
Income Trades
Roku, Inc. (ROKU): TV Streaming. Roku price has been like a rocket ship even with the launch of a series of competing streaming services (600% from trough to peak in 2019). I have had good success investing thus far through options. I would like to get back on the ship. My only open trade is a November 2019 strike 45 put option short. I doubt price will drop that far to force me to buy. I looked at the charts to identify a point I would be prepared to buy.
Yup, you guessed right => below the lows from the last cycle. So I sold a November 2019 strike 95 put option. If price drops below $95, that is where I will be forced to buy. More importantly the premium was 3.14% of strike which is above my target for income trades (1% per month)
Cryptocurency
Bitcoin (BTCUSD): Price range for the day was $780 (8% of the open). Price plummeted to test below support of $9954 and then passes the prior day high = bullish engulfing bar with a long tail testing a level. I like that sort of move.
Added one new contract on a 4 hour reversal. It has a trailing stop loss better than breakeven.
Ethereum (ETHUSD): Price range for the day was $22 (10% of the high). This wants to move. Price also makes a bullish engulfing bar. My impatient trade from the day before now has a trailing stop loss better than breakeven. Do not be surprised to see a pause at this resistance level ($222)
Ripple (XRPUSD): Price range for the day was $0.03135 (10% of the high). Price could not hold above the resistance level of $0.30878 preferring to retreat just below the psychological level of $0.30
Added one new contract on a 4 hour reversal.
CryptoBots
Profit Trailer Bot No closed trades
New Trading Bot Trading out using Crypto Prophecy. No closed trades
Currency Trades
Outsourced MAM account Actions to Wealth closed out 10 trades on AUDUSD, AUDCHF, USDCHF, AUDNZD for 1.04% profits for the day. Trades open on EURUSD (0.17% negative). I thought the trader was out of control. Well he pulled it off with only 1 of the 10 trades closed a loser (and it was the new AUDNZD trade). The long EUR trade might not win.
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work
Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers
Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices
Bitcoin: Get started with mining Bitcoin for as little as $25 http://mymark.mx/Galaxy
September 19, 2019
Nothing is quicker to put economy into recession than a liquidity and credit crunch! Given the amount of lower credit given this decade, it could really leave some losses throughout the financial system.
Posted using Partiko iOS
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There is more to the eye than is being admitted to. This normally lasts a day or two = a week now.
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