Earlier today I tried to get cute by buying a falling momo name, [[SQM]]. Not very long at all, I was quickly awarded the homo hammer of death– needless to say, I was stopped out for a nice loss.
I then again tried to get cute with [[AAPL]], however this is one I will hold. You see, I still have a number of shorts on the table, many of which are doing great today, and have found in this type of market it’s best to have your shorts paired with a few longs. So AAPL will stay on my long side, while the likes of [[MA]] save my portfolio from destruction.
Top Pick: Anything short, paired with a strong long.
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dont intend to be a pest here, but are you still holding ICO ? I had a heavy position and is killing me. I see some support at around 12 so am holding as a drop below 12 could really kill it.
Everything is getting shot at.
ICO happened to be a bull flag breakout that failed. I had a bunch of 15 calls that are now about worthless.
If I owned a heavy position, I would likely take some off the table, and wait for a better entry.
– (not sure of your name) when a trade makes me feel really uncomfortable, I take it as a signal to get out or pair it with protective puts. Your mileage may vary.
Just set your limits or stops where you feel comfortable, IMHO everybody has a different threshold.
thanks Ragin !
thanks boca
FYI I own the shares (not a huge position) so I can sit tight for quite a while.
Boca,
I took a short position in CAT at $74.15. Any ideas when I should cover? Thanks.
Fox, I might sell my CAT puts today (with a nice profit) simply because I want to close them out before the holiday weekend. I want to hold as little as possible over the weekend, and today is looking good to sell them.
Ragin is the expert on the charts, but I think CAT could easily go to 70. In the past sometimes 70’ish has been psychological support. I don’t want to say anything more until I see whether this is a short term bottom for the market or not.
Thanks, Boca. I will probably cover today, but just wanted your thoughts.