Israel to attack Iran unless enrichment stops, according to Reuters. Read the news, it points to some tensions we may see in the coming days and hence the spectacular rise of Crude Oil. Light Sweet Crude rose to $139.12. There are bullish remarks from Morgan Stanley that Oil may rise to $150 by July 4. All roads lead to “Oil”. As and when the uncertainty rises, Gold is the one of the biggest beneficiary, so here we are, Gold Futures are hugely up.
We had already closed most of the OPNewsletter portfolios by June 3/4th and were left with only less than 5% of capital. So the today’s fall doesn’t really hurt OPN. But these are tough times, absolutely no second thoughts about it. Triple digit gains or losses seems to be the norm for past several months.
Besides Oil, the Jobs data also added to the pain, and we are at the crossroads again. All within a day, after a 200 points rise yesterday, Dow is nearly down 400 points today. Talk about the markets!
Hope you benefited from the CME trade idea. Both Debit spread and Call diagonal made wonderful gains.
Profitable trading, OP