Last night on Fast Money, Gartman made a great comment explaining that If you’re bullish on a few positions, buy them. But, make sure you turn around and buy some downside protection as well– eliminate the broader market risk. That’s exactly what I’ve been doing lately.
Example: Buy AAPL, short the Nasdaq.
TraderCaddy also made a good note saying, “TheBoys will not let the market rally until a deal is approved.” I happen to agree with that statement and at this point, if you’re long, make sure you are hedged.
For the third day in a row the portfolio ended the day lower. Nothing has really changed, still net long with a few hedges in place.
One bright spot today was MEMC Electronic Materials, Inc. [[WFR]] , I love the way it held up today– love it.
However, there are a few stocks I despise at this point:
Amazon.com, Inc. [[AMZN]] (sold a few calls against my position)
Freeport-McMoRan Copper & Gold Inc. [[FCX]] & National-Oilwell Varco, Inc. [[NOV]] no traction!
Note: Daytrading this sideways action is a quick way to death. Wake me up when this is over.
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