Despite how oversold we are, I am going to stick to my discipline. Just as I will not turn swing trades into long term investments, I will not turn swing scalps into longer swing trades.
Thus, I have fully sold out of $AKS, $GS, $DVN, $AKAM and $PPO, and I am back to being in 100% cash. I detailed all of my buys and sells in The PPT, with timestamps and all. $AKS was the only profitable trade of the above mentioned stocks. For the rest, I took single digit percentage losses.
I have to say that I am not seeing the type of fear that I expected to today. There seems to be a little too much “business as usual” attitude amongst traders. In my estimation, there is just as much risk to another downside woosh, as there is to a sharp rally. So, I am back to being a spectator until further notice.
I appreciate everyone who chimed in on my open forum thread last night.Twitter