As risk flies off the table today, my book is getting pulverized, down around
1.5% 2% as I type. Leading the march lower after taking a minute to wake are gold and silver. I told you this is a run-and-gun industry to mess with. EXK has given back all its gains already. Having scaled only 1/3 of my position off so far, I’m confronted with a curious proposition, do I cut the net and take my small door prize or do I stick to the plan? Sticking to the plan results in a small loss, nearly a scratch, but sticking to the plan could make a solid gain, I’ll give it another day or two.
Solar stocks are getting pounded to pieces by incessant sell orders also. This happened around mid-June and it was a fantastic buying opportunity. This time it looks like we’re all doomed…so it’s an excellent buying opportunity. The only difference between then and now is where the indices reside relative to the industry. Back then we were on pins hoping the bottom wouldn’t fall out of the entire shithouse, today we’re day one of selling from all-time highs…hmm…
My largest position is due for earnings tomorrow after the bell and the chart is suggesting nothing positive. TPX has essentially become a coin toss. I’m at a real crossroads here, sitting a tad under -3% on the name. I planned on lightening up before earnings but now it feels like a rip-off because I think they crush and guide. A betting man at heart, young enough to absorb a gravity hammer to the dome, I may just go for it…this is a young man’s game after all.
My pseudo hedge FXY is down nearly a percentage alongside the market. Cool of me to get fancy, no?
I’m not shorting the /es futures at all because I’m too distracted so no relief from that front.
On the plus side because there’s always a plus side, I took a ¾ size long into the F earnings, that’s helping a bit. OCZ is bucking the trend, but I doubt it can breakout amidst the overall market weakness. AIXG is undergoing a nice bounce back after Europe reported very strong factory data, and I have a modest sized FB long which I will carry into this afternoon’s Marc love fest. #timestamp that, we’re all going to love Marc Zuckerberg after today’s announcement. We’re going to gang poke him until he can’t see straight.
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