It’s Tuesday. The market has been selling. This week started with a gap up on news that the congress had a debt ceiling proposal ready for voting. It’s a sell-the-news event, exacerbated the ISM manufacturing index shrinking big time in the same morning. Today the selling continued and broke the 200 EMA on SPY.
My TZA and SPXU positions have gained grounds but the shares are almost depleted as I scaled out on each market dip. On the other hand, my AONE positions continues to drag down my portfolio. It’s back down to 4.55 level after spending some time as high as 5.91 just 7 trading days ago! The loss in AONE more than offset my gains in TZA and SPXU.
While my plans for trading the broad market is clear, I could not stand the boredom of sitting and watching the paint dry. Instead, all the tweets on the high fliers proved too tempting and sucked me into trading the momo stocks (DECK, QPSA, SCEI for today) that I would not have traded, leave alone going long on them while the market is goining down. They have done nothing more than bleeding additional funds out of my trading portfolio. No matter how many followers the tweeters have and how good their track records have been, as long as I’m involved, they are guaranteed losing trades. What’s worse? These losing side trades have invariably impacted my psyche and caused me to liquidate my winners.
I vow to endure the boredom of sticking to my plans and ignore all of the these self-serving, pump-and-dump tweets on twitter. OK, may be limit to just one per day…