July 30th Weekly Summary - Real Money Account Loss -$8.54 / Sim Account Profit $846
The Week in Review We ended the week with 8 contracts short at an average price of 2440.00. All the near term cycle and intermarket analysis that we follow is pointing towards a correction. We could expect this correction to take us back to the 2400 levels. We will continue to monitor this trade, and possibly take additional positions should we see some definitive sell signals in the daily charts next week. When we successfully close this short position we will go back to Day Trading with a daily target of $350. Real Money Account We ended the week holding 8 contracts short. We took a small loss on the week of $8.54 due to commission and the carry costs on the contracts. Our net paper position at the end of the week was negative $11,195. Our current break even point is 2440.00 which is just below the 50% Fibonacci retracement level. The activity this week was mostly sideways with a down bias near the end of the week. Real Money Account Charts T...