We came to the session with some bullish ‘mechanical’ trades touted in Crude and Gold, but there were some appealing opportunities to cut the entry risk considerably using ‘camouflage’. Although the futures went nowhere and our attempt produced a scratched trade, the thought process on display in this recording is instructive. We also had second thoughts about shorting a minor target in JNK, the ETF for junk bonds. To see why, and to see the aggressive solution we came up with, fast forward to around the middle of the session.
