Several traders are laying their YTD performance out thus I want to let it be known I am down 9.5% as of today. It could be better, it could even be green, but I have deviated from my plan a few times. A few other times a bit of complacency led to excessive bloodshed.
This market is much less forgiving then the last 18 months or so, therefore when you deviate from your plan you get punished. It’s that simple. Moving on, I continue making mistakes.
I should not have sold out of ZNGA today. The reasoning for selling ZNGA was the NASDAQ getting down into the slip zone I highlighted this morning. I suppose a snapback rally could erupt overnight in the NASDAQ, but I do not like to lean on the lows when we are in these slip zones (single TPO prints). Price tends to slide right through them. Whether or not this derails ZNGA is another question because the chart actually held up really well—even on some heavy volume.
I wanted to buy Z this morning but missed my fill. I few minutes later the option I was stalking had doubled in price. By the end of the day the same price was 40% lower. Talk about ultraviolent…
The LED trade, which hasn’t worked in 3 quarters, still isn’t working. But, it’s not going into a death spiral, yet. RVLT is still my largest position and they dropped a hot new product recently with the 100% plastic fluorescent tube light retrofit. The heat sinks, which are normally aluminum or other expensive and heavy metals, are made from a plastic. Huge news, I love it. Perhaps it will breathe some life into the dead money stock.
I made AMBA and TWTR large today. That was before we entered the slip zone. I thought we had found buyers ahead of the zone. We did, just not enough of them.
The discovery process continues. This is how auctions work.
Finally, if anyone has a brokerage they trade futures through who is simply fantastic, please let me know because I am in the process of leaving Zenfire. They no longer work with my Multicharts interface and my algorithms are raging beasts in this wide-ranged market. It’s time to take them live. Any brokerage feedback is appreciated. I swear allegiance to none.
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