The 200K Portfolio was down -$3,100 and the 50K Portfolio was down -$2,175. The hypotheticals were -$4,175 and -$1,252 respectively. The micros really diverged today and the trading results were frustrating with many differences on the micros and so much more slippage that went against us.
This puts us in a drawdown alert to either start or add contracts as were in a about a 14k drawdown out of 24k per E-mini.
We are moving towards our strongest trading day of the week (a pattern that seems to hold the last few months of Thursday's and Friday's being strong while Monday's are always down lately) We have had 3 losing days in a row and gave back all of last Friday's gains.
The market continues to fight the short side. Jay Powell provided some clarity on the truth at the press conference today and the market sold off into the close after running the highs in very wild price action. The 0.75% interest rate hike was expected. The statement with the policy released at 2pm EST seemed to indicate the Fed would slow down its rate hikes so the market rallied. At the press conference at 2:30 pm EST, Jay Powell indicated that fighting inflation is more important and the Fed was not close to slowing down on interest rate hikes in order to fight inflation.
The statement followed by the press conference created wild swings in both directions in the stock index futures.
The trading was challenging as the market seems to still have a dip buying mechanism and "always resolve higher" mindset that ran the stops on our short trades.
Taking a closer look at our strategies, trading on FOMC gives us better results long term going back to 2011. In the video I stated it incorrectly. Even over the last 3 years, it is better to trade on FOMC.
The Micro S&P is liquid. The Micro Nasdaq continues to be very illiquid especially during news events.