Monday, July 27, 2009

Monday Notes - Summer Volumes

3:35pm Well, they're not home runs, but the daily win streak has reached 10 and 14/15 as -- like many of us -- I'm simply trying to keep my head in the game until the traditionally strong fall volume and pace return, and some of my favorite hands get dealt.

And yet again, I made much of my modest keep via the overnight Eurex trade and early U.S. Globex market as Europe's late morning (their time) climb coupled with Friday's late ES support provided decent range expansion opportunities. And while I dipped my toes in the afternoon ES climb, the early morning post-home sales data market lid provided a ceiling I didn't feel much like dealing with -- especially after scratching a post-data release pullback long when it became clear the market had no mojo.

At this end, both my personal volume and number of trade sequences remain incredibly low, and will likely remain that way until we pass earnings season and the current summer market doldrums. btw, there's an inaccurate myth still floating around the 'net that my style makes money only (1) during times of volatility or (2) because I trade "hundreds of contracts at a time". Damned if I know where those came from as I've long traded low volatile markets and can count on one hand the number of times in the last few months that I've had more than a pittance on. Don't misinterpret last year's volumes and risk management strategies!! And yes, I'm still making money, although certainly less than when pace and volumes are better. Yet as I've long said, the only opinion that will ever matter to me is that of my P&L. But I digress.

And so this first day of 100% market focus (OK, I snuck out to soak up some sun with my laptop around noon) ends like most recent summer days ... with both confidence and capital slightly higher than the day before.

Although for some reason, my legs are a little sore.

And yes, the comments remain off for now as my focus is 100% on my own trading for the moment. And right now, the focus is sharp and you don't mess with something that works.