I’m mad. Or, I was mad today. There is such an utter delay with this post because something that shouldn’t have happened…actually happened. At around 3:20PM, my exceptionally high-speed ISP cut off. Now remember, this is the last half hour of the trading day (and usually the most critical). You would understand why I yelled at them. I was so pissed off and explained to them (with enough force) why it was so important for me to have internet from 3:20-4PM. They gave me 6 months of service free as a result. The most important thing? It’s my fault. It’s my fault for not being prepared for it. I didn’t panic because I was in 90% cash, but I’m sure I would have reacted differently, let’s say, if I was 100% short. Ouch.
The most interesting and disturbing part? I issued my last order to cover short positions at 3:07PM (I, myself, covered 90% of my shorts and kept 10% as a spec play). Keep in mind that these are original positions from yesterday afternoon. This means that if I delayed covering my shorts, I would have been screwed. 13 minutes could have changed everything and there wouldn’t have been anything I could do about it. Therefore tomorrow, I will get a backup ISP, most likely Comcast cable, along with a Verizon BroadbandAccess card for my laptop so I can access the internet from everywhere. I don’t care how much it’ll cost me because I am not going to take any more chances. Learn from this experience, and realize how close I flirted with a serious loss. This is part of risk management and it didn’t even cross my mind, until now. The market gods must have anointed me at the close.
I missed most of the Tim Geithner rally as a result, but I’m more happy that I covered my shorts 13 minutes before I got cut off from cyberspace. One must ask themselves if this rally truly has substance, or if it is another news item rally. The short-term significance of today is the fact that the candle neutralized yesterday’s loss. However, there is still a lot of ground for the bulls to recapture. This requires sustained positive catalysts and I don’t see too many of them. What do we look out for over the weekend? See if the autos are still functioning, Citigroup is still alive, and if any surprise government regulations or gov’t-assisted deals pop up. This weekend just feels like something is going to happen. Either way, the government will be busy this weekend, and I am in 90% cash and 10% short (because I can afford to). I did lose 2% today but still sit at +65.6% for November’s gains. Can’t win everyday, but better than getting your sack nearly chopped off by your internet service provider.
And by the way, the service became operational around 9:30PM, 6 freakin’ hours later. Thanks a lot.
SPX 1-day
SPX 3-day
SPX 10-day
SPX 6-month
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Most high-speed providers usually give you a dial-up number and a few hours a month for free.
I keep that dial-up number handy just in case. Yeah – it’s probably too slow, but at least something for an emergency.
If it doesn’t happen too often why wouldn’t bother with a backup high-speed service?
That sucks. I’ve had the same thing happen, but even worse, while at work…lol…who do you complain to then?
The verizon card makes the most sense to me for backup.
Crackberry.
iPhone, too.
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I hate when I lose my high speed internet, it’s like somebody ripping out my IV without warning. We have Comcast as our backup system, works pretty well, but I suppose it depends on your area. For a backup system, I have no complaints.
Good for you for getting the six months free, yeah!
BTW love the rabbit in it’s hole, good one.
I got my back up and the Verizon card. It might not happen often, but if and when it does and you don’t have a back up, then you’re screwed. Why take that chance? I’m not.
That internet problem sucks – I had the same thing happen to me early Thursday afternoon (right before the big cliff-dive).
I had some nice slightly OTM front-month SPY puts – perfectly positioned for the downdraft. I ended up calling in an order to blow out the position right before things got interesting, and just breaking even.
I kicked myself all night and the next day for that – would have taken a 2 or 3 bagger if I’d held them another hour or two, but in retrospect I think I made the right call on getting out since I couldn’t monitor the trade.