We setup our new Stock Index Portfolio 20 today shortly after the open but missed some of the early trades and did not get to take advantage of this move as I did not want to enter short trades at lower prices.
The market sold off hard on the Jobs Report. The market wanted a disappointing jobs number so the Fed would pivot and offer easy money policies once again. The jobs number was strong though and the bulls were disappointed that more people had jobs than expected.
Friday is typically a good trading day and the portfolio was in a 17K out of 27K drawdown per E-mini - which is a good place to start the new setup.
Monday's can be some of the worse trading days. I will trade Robot 2022 NQ until another choppy trading period and drawdown opportunity to get in on the Stock Index Portfolio 20.
TICK Wave was the big winner on the day going short for +$4,830 per E-mini.
I thought the market should have traded lower and below the weekly lows since the reason for the rally since Monday was wrong and the move should have been taken back. The market continues to support prices since the June 16 lows, which were also based on a false narrative.
It was good to see the short side working and the reason we don't trade long only.
Crude Oil surged today and this week. It is not far away from $100 per barrel again. Inflation is still a concern, and the Federal Reserve is correct to continue to fight inflation instead of pivot.