It’s been a few days since I last posted because not much had happened. Today I’m back because I had a bad day and I need a place to vent.
Today the market finally had a follow-through broad-rally for the bulls. That’s not good for the bears, especially not for me as I re-entered the market shorts just last week during the consolidation. Not only did it break the down trend line but decisively break the 20 day MA. Being the self that I am, I added both the TZA and SPXU…
This isn’t what frazzled me today. The correction implicated by the SI indicator has run just about halfway through, so there should be another leg down in the near future. This could be an opportunity to build up my short positions. What killed my psyche today was the trades on DANG.
DANG is a beaten down Chinese reverse merger stock. I had 100 shares overnight position. This morning it gaped up 3% and rallied as high as 13.65% before closing the day up 8.66%. But I managed to come out break-even, as I over-traded and got whipsawed through out the morning, while the broad market ended the day up 1.5%.
Under a defeated mental state, I made the all-too-familiar reckless trades to put the icing on the cake. Twitter flashed a tweet from Muddy-Waters which issued a report and shorted another Chinese reverse merger stock, SPRD. SPRD was down as much as 33% on the news. I had to pick up my pre-schooler, so I placed a limit order to short on a 38% retracement. Upon return, to my horror, my order was filled and was already 11% in red. I have to leave again to take my car for inspection so I doubled down. When I came back, the stock has retraced 100% but retreated back to 76%. I ended up buying some calls to box myself in.
Oh, and my long term long on AONE didn’t help. Down 3% while the majority of the stocks rallied.
The S&P had a great 1.5% up day, my portfolio was down $900. At least I didn’t watch the market in the afternoon and suffer through it all. LOL.
Portfolio Value: $134.400.