The Envelope Wasn’t Pushed — Because I Didn’t Have It in the First Place

I was tempted today to do something extraordinary. I felt, due to being down 1.87% in a session where stocks ripped higher — I needed to do something extra in order to win. I started and stopped myself several times and settled with my 105% long book hedged against a 20% SOXS.

At times I was tempted to go 40% short and really stick it to the bulls. But a cursory look at the tape demonstrates a bullishness that should not be ignored. Even though it was difficult to find 15% rippers intraday, today was about something else — more of a main stream sort of day where real companies lifted higher.

My Quant, which is representative of the market, was +1.68%. My trading failure started and ended with the fact that I leveraged long into small cap garbage stocks, focused somewhat on AI — which were ripped to pieces today. The problem with themes is they, on occasion, reverse, and trade counter to the market. It’s very possible AI, SOUN and BBAI will trade higher tomorrow — but there’s also a chance they can capitulate lower — due to all of the hot money wrapped up in it.

I resolutely settled on the fact that I’m up nearly 25% for the year and don’t need to make 10% per week, no matter how many of you sons a bitches enjoy it.

Over the next several days House Fly will host some friends from NYC, so trading and perhaps blogging will be light.