First thing first, I’ve just returned to my office and realized that only a small fraction of my order was filled. I was told that I didn’t place the AON on limit order though I remembered I did. Anyways, maybe someone's trying to show me something about this trade. :) Seriously, that kinda stole my thunder.
Nevertheless, a trade is a trade, and here’s what happened. From the first chart we can all see the inverse correlation between the bond yield and the bank index. And from the price channel, it would appear that a short term pop should be expected from this 4-month predictable cycle. It would be great if BKX crosses above the bond yield.
Price on this chart was from yesterday.
Among many things that I researched, this is one of them. Up till yesterday, the BKX index was still showing some hesitation. The only way to find out why was to open it up and see which part not working as it’s supposed to. And this spreadsheet from yesterday shows only 1 component (KRB) of the top 10 weighted companies of this index experienced a price decline. So, the game plan for the trigger point would be as soon as this component shows a reversal.
And this is what happened today. All top 10 components of this index shows positive price action. Actually all 24 of them did.
And, therefore the action. I’ll have to come up with different buy plan tomorrow to play the rest of the money that’s already allocated to this trade.
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