Recap of last weeks action:
My call last week for markets to remain under pressure was spot on. We closed the week down, with the SPX down about 28 points. Not a huge move but can’t really expect much in the middle of the August. It’s vacation season. It was clearly a sell-the-rip tape last week and since the downgrade really.
Actually didn’t make a single SPX trade last week, important to remember to not force trades and be comfortable sitting on your hands. But despite that, had an insanely profitable week.
We got long USDJPY at 139 on July 27th.
Literally the perfect entry, no MAE, before a massive 590 pip move in less than 2 weeks. There’s your subscription fee paid for the next 5 years.
It is now trading 144.90 as of writing this post. That is an absurd move in FX, and JPY vols. Options were over 10 baggers. More importantly than the massive move in our favour, was USDJPY did not close a single day in the red since my email sent out to subscribers. Basically just added a bagger every single day since we put on the trade. No need to go looking for subpar SPX trades last week when short yen was printing ridiculous amounts of money. I have reduced most of my position here, with a small amount of runners targeting 147, and 150.
Next move for markets?