Updated: May 5
50K Portfolio 1 Micro SI 25 (LIVE) = +$1,350 200K Portfolio 6 Micro SI 25 (LIVE) = +$8,000
The Stock Index Portfolio 25 hit brand new equity peaks today.
2 out of 2 S&P strategies were profitable today 5 out of 8 Nasdaq strategies were profitable today
Massive rally today in the stock index futures. We were up on the day with our shorts but quickly reversed to some nice net longs to hit new equity peaks in our Stock Index Portfolio 25 fully automated trading systems portfolio.
The Federal Reserve's statement and press conference with Jay Powell gave the market what it wanted. There was some fear in the market that there would be a 75 basis point rate hike. Jay Powell said that a 75 basis point rate hike wasn't even a consideration. This statement seem to be the case for today's market rally. Additionally there are a large number of bulls who want to participate in traditional market allocations at these levels.
I'm not sure that the Fed not hiking its rate 75 basis points at once but still hiking in 50 basis point increments along with a reduction in its balance sheet in order to fight inflation won't eventually weigh on the market.
The market may bounce higher here for a few days or roll over. I'm better at trading short term patterns with my strategies than predicting the future.
We are flat at the end of the day and are ready to take long or short trades in tomorrow's session.