From a Motel 6

I was encouraged….hell…emboldened into the close today. I had even started planning to don the chimp/space helmet photo alongside my post.

While reading Fly’s post and realizing I was gritting my teeth, I decide to take a peek at the futures. Lo and behold, I was ever so rudely greeted by a grand sea of red.

Hey, on the bright side, at least I got the fuck out of my cratering $SLV position this morning!

Back in the wonderful September of 2010, I waited for $EDZ and $VXX to come back. Then in late December 2011, I whimsically start purchasing glorious amounts of $BAC puts…

I have played that game before and, fuck me, that was not going to happen again. Nevertheless, my realized $SLV losses were grotesque. At least I don’t have to think about that nonsense anymore.

No, instead I choose to elevate my blood pressure through aggressively buying up $DIA calls.

Obviously with this strategy in play, I’m still a firm believer in a rally here in the coming days. I was eyeing $IWM all day, saying “that’s a nice looking chart”. Next thing you know, the other averages are back to their opening levels.

At this point, it was time to pull the trigger on those $DIA calls. After a couple of late-day buys, I’m up to 2/3 of a position now with a cost basis of 3.34. This is now my heaviest weighted position.

I was pleased with how the rest of the portfolio held up.

$EXTR looks ready to close that gap on any sort of rally.

$MO rudely billows smoke in the face of market “corrections”.

I am thinking of going on margin to buy more $THLD… this looks great right now.

I continue to monitor the 20.50 level with $YELP…I’m still dubious regarding the chart, but am very tempted to add in that area.

My other positions are: $CREE, $LIZ, $COF calls

No matter what, this week is going to significantly alter my performance for the year. After my idiotic $BAC put fiasco ruined January, I have been shitting around for most of this year looking for an opportunity to pounce on. At this point, I still feel good, but my confidence is certainly being tested in a major way.

I don’t have a chance to post during the day, but I do run my trades through my twitter feed @eliza_mae_ibc if you are interested.

My best to you all.

-EM