The markets are behaving much worse than the indices let on. There is a slew of carnage out there today, matching the horseshit we saw yesterday. If it wasn’t for my catalyst driven positions, I’d sell into this weakness and find a hedge.
I started off the day with a big win in EL, with most of my positions standing firm. I couldn’t find a stock to buy, after the sale of EL, and now I know why. We are heading the fuck lower.
I made a big mistake yesterday by not selling out of CTRP when it was +1. Now look at it: typical chinese burrito garbagio.
My largest position is EXK and I can’t see myself selling it with a 7 handle. After that, I own MRVL, VHC, CTRP, DECK and TEA–all cheap enough to keep me interested into a sell off.
The truth is, sometimes enduring losses is part of the game, a process in which amateurs loathe because they don’t like to lose. I am not a long term investor, by any stretch. However, I like to give my stocks breathing room to trade, without me harping on every tick. The result is going through draw-downs when the market is weak–so fucking be it.
I don’t short sell anymore because the game is rigged. I much rather wait for stocks to come down, then buy the blood.
Into the bell, I am 25% cash, the rest invested in about 12 stocks; but I am a seller into strength with a very strong desire to be on the sidelines going into September.