Yeah, this morning got me all excited and I dumped all my positions except for the long-term equity to lock in profits. I bought TZA and everything seemed to fall into place ’cause even my TZA was making money. After I placed my stop losses for my TZA positions I took off to take care of other things.
Lo and behold when I came back to watch the market; my TZA positions was stopped out for small losses and the Dow Jones is hovering around +90. Such is the volatility we have to deal with everyday.
Do I regret selling out this morning? Nope.
Since I knew I’ve to take off in the morning and the market was on the defensive, I wanted to lock in profit before I took off. I also know that I will be looking to buy back some of what I sold later on anyway. One way or the other, I got my peace of mind doing what I needed to do.
However, as this point, I’m not exactly eager to buy back what I sold even though the Dow is up. Except for SZYM, I didn’t really miss much by selling this morning. With only one hour left to go; I prefer to wait to see how the price action behave tomorrow before looking to buy or short.
Looking at my quote list, I’m baffled that at least half of the stocks in the list are in “red” ink even though the Dow is up. This tell me that there is a bullfight going on. Therefore, I’m quite content to sit mostly in cash to see what my options are tomorrow.
Yes, I’ll be lying if I don’t feel “bad” about missing the 6% move on SZYM; but that the way the ball rolls when you play safe with no discrimination.
For a small consolation, I bought some TBT before I took off this morning and it still looks good.
Current position:
9.7% long-term equity
3.8% TBT
86.5% cash
YTD gain 18%
Good Hunting!
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