It Was a Chicken

The Nasdaq started off looking like a trend day but over the lunch hour it stalled before downright spiraling lower in the afternoon.  Let me start off by stating the obvious-if you read my last post then you realize I was expecting this move to stick.

With that in mind you may also realize I hardly took any profits into this move, instead opting to add long exposure via WUBA, which I now stopped out.  I am not letting this move catch me flat footed.  I have raised my cash over 50% and sold out of BALT, RGSE, LIVE, and FB.

What I have left is all suspect, here they are largest to smallest:

TWTR, LO, TSLA, HOS, FRO and F, DDD, and ANGI calls

This was a neutral print thus a degree of expectation existed for this selloff to fade back higher.  However, the market is out of balance short term, thus the neutral type print is without clear value to pin back to.

I may be overreacting, but I can always buy back long exposure.  My broker will love me.  For now, I am panicking early.

This should make for an interesting week.  Stick to your plans and keep risk on the forefront.