It's almost enough to make us regret cashing out our Long-Term Portfolio last week. We didn't expect to call a perfect top, when you have a large portfolio it can take days to unwind your positions and, despite the very low volume – we'd like to thank all the retail bagholders who bought our shares at top dollar in the last few days.
Thanks Dave and Bill and Jack and Joe and – well, that's about it as volume is so low, there can't be more then 3 or 4 guys trading in this market!
Last June started off with low volume too – as well as record highs – and then we dropped 5% into July. We're simply taking our 119% cash and waiting for the dip – is that so bad?
In the end, they decided on 56.4, which was in-line with consensus but not before giving us a glimpse on how quickly this market can fail on bad news.
In our Live Member Chat Room, we took full advantage of the over-reaction on the bad news to go against the panicking sheeple and buy TNA (3x bullish ETF on the Russell) in a 9:57 Alert I sent out to our Members.
That trade was so obvious I tweeted it out as well (you can follow me here) saying:
Since we sidelined $598,000 last week ($98,000 in profits in less than 6 months), we decided to spend $3,000 on 20 of the above contracts – that way we won't cry if the market flies back up on us.
If the market goes lower, like we think it will, we won't cry either as we will get to take our CASH!!! and go shopping!
Meanwhile, since we have a $3,000 upside bet on the Russell it was an easy call this morning to short the Russell Futures at 1,125 and already (8:10) we have a dip to 1,120 for a quick $500 per contract win this morning. In addition to topping off our Buy List in today's live Webinar (1pm EST – sign in here), we'll probably have some time for a Futures Trading Workshop.
We weren't, fortunately, and we also weren't wrong on our other calls this morning which were (all shorts):
- Dow (/YM) at 16,700, now 16,675 - up $125 per contract
- S&P (/ES) at 1,920, now 1,916 - up $200 per contract
- Nasdaq (/NQ) at 3,725, now 3,715 - up $200 per contract
Futures are a wonderful tool, which is why we have our workshops at least once a month. We trade futures a lot more often than that (see our recent trade reviews) and it's something every serious trader should consider putting the effort into learning – as it's a skill that can get you out of a lot of market scrapes, when you are lined up on the wrong end of a trade after hourse – as well as providing a fun platform to grab a litlle extra cash before, during or after regular market hours.
Yesterday we discussed the currently hidden inflation that is building up inside our poorly-measured economy and, ironically, the ECB is moving to BOOST inflation in the Euro-zone, as it's been coming in at an anemic 0.5%. DEflation is worse then INflation to Banksters and top 0.01%'ers, who own a lot of stuff and want it to maintain it's value since they levered their cash 10:1 to buy it.
With the Central Banksters looking to sustain inflation at all costs, why are gold ($1,245) and silver ($18.80) so out of favor? Well, one major reason is Goldman Sachs and their Bankster buddies have been bashing gold for most of the year. You might say "well, that's their opinion" but why then is GS, AT THE SAME TIME, making deals with countries like Ecuador, who are giving GS 466,000 ounces ($580M) in a 3-year commitment?
Drive the price of gold to rock-bottom and then make deals to get control of all the gold before driving the prices back up – now where have I heard that plan before?
IN PROGRESS
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