I stepped in this morning and bought SPY and SOXL. On the SOXL, that was done in my active account, where I take outsized risk, so naturally I’m down a fast $7 from my basis. Truth is, I’m rather complacent about this move lower. I’m not buying the 3.22% 10yr as cause for legitimate concern. I’ll have you know, markets, on occasion, tend to sled thru rough patches every now and then. Without pain, there can be no joy, and vice versa.
So what is a man to do who is already long and enduring losses?
You still must abide by your stop losses, even if that means you miss the upturn. I’m very sorry to tell you this, but the future is not guaranteed and although I believe this time is no different from the past, I can be wrong. I’ve been wrong before and my biggest losses are rooted in stubbornness.
Stop losses are set at 10%. The mood should be optimistic, yet measured. Let’s not make a big deal about a Friday afternoon sell off — heading into a banking holiday. It won’t be long before we’re celebrating our gains amidst candied treats and carved pumpkins, eagerly planning for Thanksgiving.If you enjoy the content at iBankCoin, please follow us on Twitter