I nailed the market, but was wrong on positioning. Had you told me on Friday that stocks would rise 500 today and mortgage plays would be down, I’d punch you in the face twice. But that’s exactly what happened. I sold out of my shit today that felt like the market was down a thousand. Could they rebound? Sure, but then I’d be emotionally attached to them and that’s fucked.
Here were the disastrous results.
FAS – wash
Normally I stop out at 10%, but couldn’t because of the gap downs. My only other option was to TRIPLE DOWN and I don’t do that unless I am 100% sure of a directional shift. So here I am, a loser amongst losers, shooting the shit — talking losses.
The FAS trade didn’t look too bad, but I had no interest in owning it since it’s weak in an otherwise strong tape.
I have since acquired 4 or 5 new stocks and hope to report those losses to you shortly.If you enjoy the content at iBankCoin, please follow us on Twitter