WE SOLD OFF!!!! Ah! I knew it had to come, and it feels great.
TODAY:
We opened relatively flat, and then once again moved up and made new highs on the SPY. We then sold off (what! red?) nicely to a low of what I projected, -8 points on the SPX. The SPY then rallied to cut its losses in half. The DIA closed green which is amazing, that is 8 (!) straight green closes for the Dow Jones. The EUR/USD was flat most of the day. TLT finished up a very significant 0.7%. The IYT and XLF finished lower by 0.3% and 0.5% respectively.
AND YOUR TRADES?
Today was awesome. I almost completely recovered my stupid positions that I will readily admit were unintelligent:
Closed Trades:
SPY puts 153 (Friday expiry) closed at a loss of 50% (medium position)
SPY puts 155 (Friday expiry) closed at gain of 50% (large position)
Open Positions:
LNG (short), SPXU, TVIX. BX (short), and VXX.
I made up for the vast majority of my losses, and am again near my account highs for the year. Yes, I was gambling and Yes, I was stupid, but I knew the odds were in my favor, and I followed a gameplan... we just can't keep melting up. Well, I guess we can, but not without at least showing a little bit of intraday weakness.
WHAT DO I EXPECT NEAR TERM:
The DIA closed positive for the 8th straight day, which is ridiculously incredible. This has happened 5 times in the last 12 years, in every situation, the DOW was red the following day. Under this premise, and seeing the strength in bonds (via TLT), I held my SPXU. I am expecting some weakness tomorrow, but not a large amount. I will be trading lightly for the remainder of the week to honor the stock gods for showing me mercy today... but for real, I just want to get my head on straight for next week. I had an incredible start to this year, and I want to make sure I am ready for the upcoming sell off. This sell off has occurred every April for 3 years now. Will this year be different? I think not.
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