For the second day in a row, they've had to halt bond trading in Tokyo as a precipitous drop in the Yen (due to BOJ craziness we discussed last Thursday and Friday) dropped the currency 5.3% since Thursday and shot the Nikkei up (due to happy exporters) 4% to just under 13,400 this morning.
I sent out a Tweet this morning (from our Member Chat) to short the Nikkei at 4:01 as it ran afoul of our 5% Rule and it's a big WHEEEEE! already at 8am as we have a pullback to 13,315 which has paid for our Egg McMuffins – with plenty left over for a sushi lunch as well (at $5 per point, per contract, on the /NKD Futures). Catching an 80-point drop like this pays $400 (just enough for Masa!) and the margin on the /NKD contracts is $2,200 each – this is a tool traders should WANT to have in their belts, not run away from…
We'll be featuring a seminar on trading the Futures at our PSW Investor Conference in Atlantic City at the end of the month – I look forward to seeing our Members down there!
We had a big ka-ching on Friday with our oil shorts as we bottomed out at $91.91 and I had already called for us to flip long back over $92.50 on /CL Futures and those were good for $500 per contract into the NYMEX close. Only a fool plays Futures over the weekend but we got a nice open at $93.50 to re-short as there was nothing bullish about oil on Friday other than screwing consumers over the weekend.
Speaking of screwed – it seems that Social Security's Disability Benefits will run out of money in 2016, according to the WSJ – just in time for the elections! So we're not going to worry about it now as I'm sure we will elect wise men to see us through this crisis – as they have all the others {end sarcasm font}.
Before I went on vacation last week, we were discussing the Income Disparity that is destroying America and Barry Ritholtz has a nice article on it this morning so I'll just sit back and watch him argue with psycho Conservatives this week as they present…
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