Today the market finally sold off on S&P 1,300, triggered by AMZN’s after hour earning yesterday, the unrest in Egypt, and of course the forever oversold oscillators. I didn’t benefit much today, however. Because I took more than half the loss off on SDS and QID last week, and reluctantly added some long exposures. OK, so my portfolio didn’t go down as much as the market due to some QID, but it still went down nonetheless which doesn’t help my morale.
In addition, what’s worse is that I continued to be taunted by the market today. The SPY pretty much went straight down until noon from 130.35 down to 127.70, then it consolidated around 128. I was out in the morning taking my 4 year old to the eye doctor so I missed the drama, and missed the short entry. Now telling myself to stop fading the marked but instead go with the trend, SPY immediately broke the down trend and bounced:
What’s worse, it was 500 shares. I added some more near 128 just for benefit of the doubt. The market laughed its way up at me and I had to take loss before it ballooned out of control.
On the other hand, I had a little success with VIX:
But guess what? It was a mere 100 share trade!
I’m starting to post the account value of my main trading account. As I mentioned else where, the value has oscillated between $135,000 and $145,000 over the past few years. January been so terrible for me, the pendulum has swung toward the low end, $137,802. I’m feeling defeated as it has been most of the time this month. I can’t remember a single day that I felt I won the day’s battle. Definitely a long losing streak.