We hold a single-contract tracking position whose cost basis has been reduced to 2.121 by theoretical gains from three contracts exited earlier. For now, maintain a stop-loss at 2.458. _______ UPDATE (3:37 p.m. EST): Lower the stop-loss to 2.390. The original one references a prior low at 2.459 recorded on January 23, but this support may be too obvious by now to use. Our new stop-loss will still give us a nice paper profit if it’s hit, but it is less susceptible to being “run”. _____ UPDATE (Feb 1): We used the 2.390 stop-loss to exit the remainder of the position for a theoretical profit of $2700 per contract (based on an initial position of four contracts). The nascent bull is not necessarily dead, but in any case we can continue to look for a fresh entry opportunity, as discussed in today’s commentary.
