Markets were hammered lower at the close and I was confused as to which direction to run. I had entered the session net long, and then with the market hammering lower I quickly switched to short, then back to long — twisting myself in the wind — sinking to a low of -1.3%. I then managed to convince myself to bulk up on GUSH whilst selling out of my long equities in order to remain focused on ETFs.
As markets refused to go lower and my TZA position, which had been up nearly 2% from my basis sunk lower into loss, I had a choice of whether to add to it in 2.5% increments or say fuck it and sell it out. Judging the news and the refusal of the market to drop — I sold it.
I then managed my way into various ETF, adding to them as the market turned up and crested and sold it all +175bps for the session, in a chaotic morning whir where my PNL was jumping 20bps every 10 seconds.
I’m still bearish as fuck and may revisit the short side before the close.
Stay tuned.
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