Oil price dominates Monday headlines making Friday news less news worthy. Did take the up mood of the market on Friday as a chance to take some profits in US banks and redeployed. Agriculture commodity prices continue to surge on hopes for a trade deal.
Portfolio News
Market Flip Flop
US markets edge higher in Friday trade drawing strength from retail sales and consumer confidence data.
Treasury yields continue to move higher too with the week's move one of the largest in some time.
Europe Muddles
Biggest move is in European markets especially the banks
This market is becoming something of an enigma. The ECB announces a massive stimulus program because the data is not good - the market bids up prices especially of banks. The enigma part is banks do worse the lower yields are
In my portfolios, this move has taken almost all the covered calls I have written above the sold strikes. The work for me this week is deciding which to take to expiry and get assigned, which to buy back or just buy replacement stock before assignment, like I did with Commerzbank (CBK.DE) last week. I could also wait for the market to go back to fundamentals and buy lower in a few weeks.
Of course, this may all be meaningless as markets take in the news of the massive drone attack which takes out 5 million barrels of Saudi oil supply.
The really bothersome headlines are the "locked and loaded" ones.
Currency markets normally give a strong and fast indicator of which way things are going to go - not this time with hardly a move in any of the oil currencies (Norway, Russia, Canada, Mexico) - here is a chart of US Dollar vs Norwegian Krone (USDNOK)
Price has moved (stronger NOK is a move down the chart) but price is still in the range of the last week's trade. This will change maybe when London opens at 5pm Monday.
Sold
Goldman Sachs (GS): US Bank. Profit taking for 12% blended profit since February and May 2019. Jim Cramer idea to bank profits and buy back on a suitable dip. 13% blended profit in another portfolio.
Chicago Wheat Futures (WEAT): Wheat. Wheat prices follow soybeans and hits profit target for $8.50 per contract profit (1.8%)
Bought
Deployed the proceeds from Goldman Sachs sale to average down entry prices and cover stocks likely to be assigned on Friday expiries.
Huntington Bancshares Inc (HBAN): US Bank. Average down entry prices - regional banking stocks are a beneficiary of rising yields. This one looks like it was oversold
JinkoSolar Holding Co (JKS): Solar Power. Adding to a small position with a long term view of solar deployments
Kraft Heinz Group (KHC): US Consumer Goods. Likely to be assigned - averages down entry price.
Corn Futures (CORN): Corn. With trades closing in Wheat and Soybeans running into the weekend, I added one new contract to my corn holdings to average down entry price.
Cryptocurency
Bitcoin (BTCUSD): Price range for the weekend was $305 (2.9% of the high). Price compresses into a triangle over the weekend with 3 inside bars starting just below the Thursday (Sept 12) high.
Ethereum (ETHUSD): Price range for the weekend was $13 (7% of the low). Very different price action here with price making 3rd inside bar on Friday 13th and pushing higher to test the top of the last consolidation range around $194.
Do not be surprised to Bitcoin do the same thing.
Ripple (XRPUSD): Price range for the weekend was $0.01284 (5% of the low). Price pushes away from $0.25 level and reaches through the $0.26 and gets a little nervous there and pauses.
CryptoBots
Profit Trailer Bot No closed trades
New Trading Bot Trading out using Crypto Prophecy. No closed trades
Currency Trades
Outsourced MAM account Actions to Wealth closed out 2 trades on AUDNZD for 0.43% losses for the day. Trades open on EURUSD and NZDJPY (0.08% positive). Unusual for the trader to leave positions open over the weekend. Saudi oil strikes could play havoc with these trades on re-open.
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search and The Guardian. Saudi Arabia map comes from Wikipedia. All other images are created using my various trading and charting platforms. They are all my own work
Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers
Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices
Bitcoin: Get started with mining Bitcoin for as little as $25 http://mymark.mx/Galaxy
September 13-15, 2019