15 October 05
Futures Trading Update
Hurricanes have affected our recent performance.
Long Island closed out his long soybean position at a loss after dissipating hurricanes watered thirsty soybean crops in the Midwest. As the crops rejoiced, Long Island’s account dipped to $4770.61.
Hurricane Katrina caused energy prices to spike upwards, and I took advantage of the short term psychological extreme by selling short natural gas and oil; when they tumbled, my account rose to $7695.75.
Long Island started a stock trading account on 24th June 05 with a hypothetical initial investment stake of $10,000. After locking in gains in CNS Inc, Motorola, Netgear Inc, and Dresser Rand, his stock account moved up to $14,894.5. He is currently long the US government’s pet contractor and notorious overbiller, Halliburton.
My recent futures account gains were derived from psychological analysis. Each market seems to have its own personality, susceptible to fluctuating emotions and even mental ailments. In order not to be distressed by the seeming irrationality of futures markets, it is necessary to condition one’s mind to be in accordance with market temperaments.
***Readers please note that Jon's and Long Island's trading is hypothetical. Inmates do not have access to computers or the Internet. Nor do they have the funds to trade on the stock market.
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