All week, experts were shorting the Russell and telling me not to buy — saying that Ms. Russell has gone up too far and too fast and that she is overvalued.
But based on the way she was moving about, I believed in her and bought. But every time she went up she would come back down — multiple times. While it was somewhat frustrating, I did eventually do 2 separate Russell trades — each of which was alerted to our members via Whatsapp chat.
For those who don’t or can’t do futures, I also recommended IWM call options as similar trade vehicles that could mimick a similar exposure. Since the TF futures contract is monstrous, I felt more comfortable with a slightly smaller position size — more important that I actually make the correct trade first. For the two separate russell option trades combined – I believe the profits were also > $1,000 — so meeting our goal of this site — $1k per week.
Meanwhile, even though yesterday was promising for silver, the correction since around midnight yesterday has made silver drop back down to that critical support region of 19.6o 19.65. It’s been staying here all day and not moving. While this may be OK, the issue with this is that that’s basically what happened on July 14-19 — when I was expecting silver to go up — but it just consolidated. So right now I’m just hoping silver can hold support region – otherwise, the possibility of retesting the lows below 19 can happen.
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