WASHED OUT OF POSITIONS — BOGGED

For the past 10 weeks I’ve trade with precision and turned a -10% into +17% on a YTD basis. That all changed today with a boggering for the ages, doomed for -5.3% due to a confluence of events that had bee heavily long UVXY and commodities into a broken tape. The net result was sharply lower stocks and my hedge not hedging. I ended up closing out my UVXY position just prior to its lift the past hour. I swapped it for SOXS.

My gut tells me I should hold the commodity stocks — since the fundamental stories still persist and they should bounce. However, at -5.3% for the session, I lost my right to doing anything at all, short of maybe a quick day trade.

I will likely take one some other positions towards the end of the day — but none too much. I am now just up 0.85% for the month of March and would like to preserve my gains to the best of my abilities, in a tape filled with tricks and traps. I know, the move lower in WTI was somewhat predictable. However, and this goes without saying, all I was looking for was one more day.