Who called this correction? 6/3/9
Yours truly…read past blogs and commentaries MB Wealth has been saying the recent commodity move had over extended itself and Mr. Market delivered. As a trader sometimes you get out too early and we’re guilty of that for clients in recent weeks. The way I look at it I would rather be on the sidelines wishing I was in the market vs. in the market wishing I was on the sidelines. All energies got hit today, we used the setback in natural gas to buy clients who previous did not have exposure; September $4.50/5.50 call spreads & a butterfly spread inSeptmber…inquire for strikes and or strategy. A 50% Fib. retracement in July crude takes prices to $55.50. I hope you listened and lightened up on your fx plays, we’ve been preaching that for the last 2 weeks. We’re short the Loonie and will be looking for long entries in the Aussie and yen in coming sessions for clients. Agriculture fell apart as we predicted, curently short July beans via options. Gold and silver down, just what the doctor ordered. Let the dust settle and we’ll have bullish futures and option ideas to come. $925 and $14 seem attainable at this point. SUBJECT TO CHANGE. Treasuries should rally, get long with tight stops or look to fade this rally in a few days. Sugar, coffee and cotton got hit hard today, more downside to come…we’ll be suggesting longs soon. Equities were lower but this could just be profit taking, too early to call an interim top.
Tags: agriculture, butterfly spread, call, coffee, commodity, cotton, futures, gold, natural gas, oil, options, overbought, put, silver, soybeans, spread trading, sugar
