Be grateful for Independence Day, and trading on the 3rd

It is called Independence Day, if you live in the USA.


Although today was a half day of trade, it did not disappoint. ECB announcement at 5:45am, there was a 1/4pt rise but the ECB statement was dovish so the euro lost strength. My long dollar position in the UUP gained very nice. I was right with the trade, as it was buy the rumor (euro strength) and sell then news. The the Jobs number came in slightly worse than expected, but that rallied the market (due to “oversold” conditions)
The markets had a gap down morning, which closed the gap and rose. By the end of the day the SP was up 1.3 pts
Dow up 80
Russel down 60
NDX up .20

Independence Day. I hope if you live in the United States you don’t call the birth of your country July 4th. Call it Independence Day, and let people know why. So of the greatest, and bravest, men in America risked their lives to create the freedom we are now afforded. And now that freedom is served by some of our bravest men and women. Thank you!!! And as I have said it is not just the 4th of July.

The real successes came for me early. I finally tweaked my scanners this morning to find my Summer trades. I put 160 orders on prior to the market open. I was hit on 16. And right off the bat I was up 4% on the day. I needed that. At one point during the day I had 327 orders on. I would been very happy to have been filled on any of them. I was looking to enter 60 different issues. I really like the tweaks I have made to my scanner. It creates worthy candidates, and more of them.
Those trades were:
SOLF – 4 units bought @ .05, sold 1 for .25
AMKR – 2 units @ .05
DPTR – 2 units @ .05
NTGR – 1 unit @ .05
SPLS – 1 unit @ .05, sold 1/4 @ .23
HOLX – 3 unit @ .05, sold 2 units @ .20 and .23
My calendars in USB, MFE, C, and URBN lost some value today. .3% of the acct. But the gains in the Summer trades more than made up for them.
It is nice to finally have a strong up day. And even with the added exposure and the nice gains, I am still 85% in cash.
Daily Position Greeks (SPX weighted) going into the weekend:
Delta +27 (slightly bullish)
Gamma – .5 (beautifully neutral)
Theta + 66 (not much, but I am too nervous about the markets)
Vega +300 (I gain some benefit from Volitility. Most of my trades are calendars)
We are definitely on shake ground in the markets. I will put together a market outlook on Sunday.
Independence Day. I hope if you live in the United States you don’t call the birth of your country July 4th. Call it Independence Day, and let people know why. So of the greatest, and bravest, men in America risked their lives to create the freedom we are now afforded.

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