I had 30% hedges at the open and I felt really good about it so I closed them out for profit and then I immediately felt a sense of remorse, due to the market looking like shit. As a consolation, I took down a 10% hedge in SOXS and will hold it for a few hours.
I’m up 45bps, only due to those hedges and now have the task of not fucking it up, which means to trade defensively. It is the days like today that help me outperform, up when everyone is down and in the doldrums.
Rates are flat and there really isn’t much to be fearful over in today’s tape. Even SAAS stocks are strong. As a matter of fact, I wouldn’t be surprised if we ramped higher from here.
Nevertheless, the market is sketchy as fuck and I need to treat it accordingly.
UPDATE: I closed out the SOXS hedge for a 3% loss.
UPDATE: hedges are back on fuckers
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