What a wild ride yesterday was!
As we predicted, we opened down half a point and then raced all the way up to our strong bounce lines before tumbling back to give up all of those gains and more – a major technical failure for the markets but a huge profit for anyone who followed our trade ideas in the morning post.
Using the bounce lines we published early in the morning for the Futures trades gave the following outcomes on that morning spike:
- Dow (/YM) Futures 17,000 to 17,350 for a $1,750 per contract gain
- S&P (/ES) Futures 1,965 to 2,010 for a $2,250 per contract gain
- Nasdaq (/NQ) Futures 4,120 to 4,180 for a $1,200 per contract gain
- Russell (/TF) Futures 1,130 to 1,155 for a $2,500 per contract gain
I called the top in our Live Member Chat Room at 11:42 and, since we had made a public pick in the morning, I also tweeted out the note to take profits for our followers (and on our Facebook page, of course). That's how we pick up a little spare change in the Futures while we wait for our bigger positions to play out.
In fact, we also cashed in a couple of our bearish positions on DXD and SQQQ that were up significantly on yesterday's drop, leaving us a little bit less bearish ahead of the Fed – just in case they actually do something today that boosts the markets. We don't really expect it, but not taking 100% gains off the table is just foolish – we can always find new hedges to cover our longs with.
IN PROGRESS
