The price action was pretty wild in a narrow range and relatively wild considering the lowest close in the VIX since November 2019 yesterday. The FOMC Minutes generated more volatility than we have typically seen. NVDA earnings after the market were also wild but we had very few positions once those were released.
The One Million MNS 110 was down -2.26% on the day while the 250K Portfolio was down -$4,525. We were up on the month +$2,841 coming into today in the 250K Portfolio, having traded only 4 days. After today, the 250K Portfolio is down -$1,683 on the month with just five days of live trading.
The Stock Index Portfolio 18 was down -$5,675 per E-mini on the day.
The market has been in low volatility melt up mode with narrower and narrower ranges and lower and lower VIX readings. It's difficult to short stock indexes with quick bounce backs on every sell off but there is not much range on the upside either.
It's one of those days where we were down in every market including July Silver, June Natural Gas, July Copper, June Gold, July Crude Oil, and the June E-mini S&P and E-mini Nasdaq.
Its interesting to see how the lows get slammed when the earnings are released in NVDA and once the Nasdaq futures close at 5 pm EST, NVDA surges to all-time highs above 1000. The market continues to be determined to run at the highs while also having the occasional 3 rounds in a row stop run.
It will be interesting to see the follow through tomorrow on FOMC minutes and NVDA earnings affect the markets.
With some technical errors today, we were ahead of the hypothetical results by about 0.4% in the One Million MNS 110 or $4k.
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