Bad day for me. Lots of swings and intermittent pauses that threw me off. I am at my best during periods of volatility. My bet was for a continuation of the rally, just for the opening tick and I planned to reverse and sell short. Nothing worked out as I planned. Instead, I took losses early, double down on three names, went short oil only to make 0.4%, and then allocate funds into several old man stocks (which did good), only to finally get BOGGED long FAS.
I’m only down 40 cents from my basis, but it is an uneasy feeling holding this shit into the weekend.
The market looked like it wanted to close higher, reducing losses to just 300 by 3:30pm and then the fucking shit storm hit and the sell orders steamed into the bell, pressing markets towards the lows — down more than 900.
I ended the day with 30% cash and overweight 3 little bullshit mortgage plays, a sundry of REITs, some consumer staples and also some FAS. You can say I am HOOKED.
I had an superb week, but admittedly leaving off on a down day makes me both angry and confused a little. Hopefully I can get back into the swing of things next week. My sense of course is for a retesting of the lows. THAT IS MY THESIS. The fact I am long now only speaks to the levels of greed inside of my bones. I’m the guy looking for one last beer before the bar closes. That guy never gets laid and often crashes his car and dies in a fucking fire.
First order of business coming Monday, if I am wrong — I clean it all out and start fresh.If you enjoy the content at iBankCoin, please follow us on Twitter