The market has advanced 30% in the last 120 days and has had so few 1% dips along the way. Yet 95% of my long individual stocks are in red, and my market shorts (QID and SDS) are in big red. Today I finally decided to exit all my bear positions (SDS and QID), but this turned out to be the day the market decided to take a breather. The S&P is down as much as 2% today.
Everyday everyone on the forum were boasting about “buying on the dip”. But today is the day that buy-on-dip didn’t work. Actually, theinformedforum reduced holding last Friday and went to 100% cash today.
The first entries were uncharacteristic of my normal self (I’m normally perma-bear and counter-trend). I went long on breakout of the down trend line. After being stopped out i was back to my usual counter trend mode again. I went long on seemingly successful backtest of trend line and the LOD. Got stopped out again. The last trade was entered on proximity to my 60 minute chart’s support at 132.64. Stopped out again. I had enough of the mini-daytrade for the day.
I had AAPL Feb 330 and 350 puts that expired worthless just last Friday. Look at AAPL today:
And DAKT – I didn’t know about the earning date today – dropped a bomb on me. Dropped 25%: