I have not been trading much over the last week as I have been patiently waiting for a good time to open new trades, be they long or short.
MND, my long trade was closed today via my profit protector stop for an excellent profit, much better than I was expecting, but somewhat less than I was hoping for. Imo the long trade has further to run, and the MND sp did recover later in the day after my stop was hit, but I am happy to bank the profit.
OSH, this long trade still survives, but is still slightly red at the moment. So much for the many pundits proclaiming that oil would go through the roof with ISIS, etc.
The vibe that I am feeling at the moment is that the reading of the Fed minutes tonight will be a non-event, which will pave the way for a bumper set of earnings reports, which will take the SP500 above 2000. The only drag on the markets will be the hangover from the very bad GDP result from the Jan-Mar quarter, and the fact that Goldman Sachs is now talking up the possibility of interest rates rising earlier rather than later. However, I expect that both of these factors will not be a huge deterrent. Subsequently, if nothing left field arrives out of China or Europe in the interim, I suspect that when the SP500 has been over 2000 for a week or two, others will join Goldman Sachs to talk up the interest rates earlier scenario, which will result in a relatively small sell off of only 4 to 5%. That is, not the full blown 10% + correction that we have all been wishing for. There you go, now I have said it, the global markets can do the opposite and crash.
FMG, I have been missing for a month or so now. It doesn't feel right ... myself not being in an FMG trade one way or the other. However, I have not got the mojo to short it right now, nor the confidence to open a long trade again. Hopefully FMG will get back down to the 390 level, I will load up, then both iron ore and the global markets will resume the bull run again. But for now I must wait.
