Soybean oil broke down from its head and shoulder pattern. I was busy and did not get a chance to short it. I will be looking to go short on any rally back to the 58 level.
Recession Still on the Horizon
The money supply continues with negative growth for over 6 months straight. Truley remarkable given that it is such a rare event the money supply ever shrinks.
All of the key yield curves have gone further into negative territory.
Moving to as much cash as possible is the best play for most investors.
Short The Pound
I took a short position in the Pound with a stop at 1.203 and a target of 1.13.
Positions Going Into Weekend
| STOCKS | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| Total Open Profit/Loss Stocks | 0.00% | |||||
| FUTURES | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| ZW | Short | 3/2/23 | 720 | 708.5 | 1.60% | |
| Total Open Profit/Loss Futures | 1.60% | |||||
Short Wheat
The grain complex looks very weak. I interpreted the wheat pattern as a rectangle.
My stop is at 735 with a target of 625.
Short the New Zealand Dollar
I am short with a stop at 0.62558 and a target of 0.587. This is my only open position going into the weekend.
Possible Future Trades
The New Zealand dollar looks to be setting up a failed head and shoulders pattern. It could also be interpreted as a double top. Depending on price going into closing I may go short today.
KC wheat looks to be setting up a descending triangle. I will be looking to go short with a closing below 790.
The DOW looks to be setting up a rectangle top.
Soybeans is forming an ascending triangle. I want to see a closing above 1550 before going long. This is by far the best-looking pattern of them all.
Chicago wheat could be forming a head and shoulder bottom. I will be looking to go long with a closing above the 810 level. A closing below 717 will invalidate this interpretation.
Positions Going Into Next Week
My stops for the Peso, SHOP and Russell 2K are set to break even point.
| STOCKS | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| SHOP | Long | 1/25/23 | 46.2 | 52.93 | 14.57% | |
| Total Open Profit/Loss Stocks | 14.57% | |||||
| FUTURES | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| 6M | Long | 1/19/23 | 0.05215 | 0.0524 | 0.44% | |
| RTY | Long | 1/31/23 | 1937 | 1992.4 | 2.86% | |
| ZM | Long | 2/2/23 | 462 | 470.1 | 1.75% | |
| Total Open Profit/Loss Futures | 5.05% | |||||
Long the Real
I am long the Real with a stop at .1948 and a target of .21.
Long Soybean Meal
I am long with a stop at 452 and a target of 485.
