I wanted to believe, so I closed out my shorts just about at the session highs and went long some names, keeping 80% cash, and this resulted in me EXTENDING my losses to 1.65% for the session. My knee jerk reaction is to remedy this and over-trade, but it’s probably best I do nothing until later on.
The rally failed and now we’re swimming lower and I was stupid enough to fall for the trap, so I deserve these losses.
Can we rally into the close?
Absolutely not.
On second thought, I might hedge right now.
Which, as you know, as soon as I hedge the market will bottom and my losses increase.
DEVELOPING…
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Long UDN here with stop at day’s low.