The S&P and Nasdaq have been in an 8 - 9 day range, depending on how you count it. The market is waiting for CPI on Friday.
We go over the trades on the day and the results below.
50K Portfolio 1 Micro SI 25 (LIVE) = -$900 200K Portfolio 6 Micro SI 25 (LIVE) = -$5,500
2 out of 4 S&P strategies were profitable 3 out of 8 Nasdaq strategies were profitable
5 out of 12 of our strategies were profitable today
Very challenging market that seems to reverse every time we change net positions. We hit a worse case drawdown today after a massive runup on May 26-27th.
After this drawdown there is still a net gain in the portfolio of about 20K per E-mini since May 26th.
We are looking for a bounce right here. If equity doesn't bounce soon, we will pause to avoid further drawdown. We have some cushion with the parabolic runup at the end of May.
The market has been range bound 8-9 days in a row, depending on how you count. It is the most range bound market we have seen in a couple of years and the personality of the market has suddenly changed. It is difficult to determine if this is the new tone of the market for the summer or if the market we have seen the last two years will come back once we break out of this range.
I thought the market would breakout to the upside today, even though the longer term trend is down by my measure. When the breakout failed, I thought we would finally see some follow through to the downside but the market only participated in prop up, choppy, stop running price action and the bulls continue to make the market look better than I believe it should.
Some of the recent weekly patterns we have seen have included losses early in the week with gains at the end of the week.