The S&P futures hit over 2324 ES.
We now have at least 3 daily green candles on all major US indices
Last week we exited our VXX Puts for about 30% profit – small position of $800 that became $1050 0r $250.
We also exited our SPY position when ES was around 2305 with entry around 2270 — a bit too early given that ES E-mini’s are now over 2322. That said, because or timing wasn’t great, the SPY calls did have time work against it – so the profits weren’t as big as they would have been if we were allowed to buy futures. We only held a half position here as the other half we exited the prior week to realize $600. This second half portion was closer to $300 in profits. .
Our IWM bull puts pread gave us $550 in profits – as our bet was that IWM would stay above 135 at expiration last Friday. Last Friday, IWM closed at 138. Even though IWM did dip past our short strike of 135 — it was critical to maintain patience – as anyone who exited would have exited at a loss. Just one day later the market ripped higher and our temporary loss became a profit.
So the $550 + $300 + $250 = $1,100 or so in profits.
And that’s not counting 3 of our other positions that are all in the green.
Count in Russell is messy – but there is a c-wave from Feb 5 to Feb 8 – that reversed and began the rally. Key point was the overnight consolidation between into Feb 9
Depending on whether Silver can hold up over 17.8 — there is a potential bullish setup. However, it’s also possible that the rally on Feb 10 was a 5th wave, rather than a wave i — if that’s the case, then a potential drop towards 17.5 is possible.
Support in gold as at 1218 – however the intraday bounce from the 1220 drop is stronger than I expected for a 4-5 — so it’s possible we may not reach the support level.
Also I’m in the midst of taking a machine learning course – with hopes of one day applying neural networks to pattern recognition in the stock market.
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