My Halloween was a rather non-event. A few children came to my door demanding tricks or treats and I drank one mug of cider and rum. It took a while to unwind yesterday’s action. I played it though my head a few times, remembering the subtle moments when the market gave me a little wink.
Then today came. I anticipated sell flow on the S&P which led me to offer three scenarios that emphasized sellers. But I never felt confident on the short side intraday. The moves were too unorthodox according to my practice, and I could tell I was out of my element (Extra Donny).
Come 11am I started selling down my long exposure a bit. I trimmed where I could selling parts of my LO, GOGO, and BALT. Something about the AMBA bounce did not sit well with me so I scratched this position entirely. I know flip-flopping can frustrate spectators, but some of these positions require confirmation for me to stick around. AMBA stalled and after I gave my book a hard look AMBA stood out. I still like the stock.
My two largest positions now are PPC and WLT. This is completely unacceptable. A young gent like me should not have size in stupid chicken and coal interests. That is plain vanilla dumb. I want my size in places like GOGO and Zillow and FaceBook. You know, new companies.
Fortunately I have these TSLA shares. I was so excited to finally own TSLA shares that I exclaimed the news to friends. I have no idea what has me so god damned excited to own TSLA shares. Of all the positions we go through on a weekly basis, I have never excitedly told friends about any. That being said, I should probably just sell the stock now because I am way to enthusiastic about it.
I boosted cash up to 25% into the weekend because I am sticking with the theme that a large seller is at work in the S&P futures market. Until that seller slips up and loses control, I am keeping some cash to buy up your margin liquidations. Individual stocks are still working though, much to my dip buying chagrin. October did not have a “day of terror” where everything goes on sale.
May November bring a solid day of terror, salutiIf you enjoy the content at iBankCoin, please follow us on Twitter