There is still over 2 hours to go before the market close, but I already can’t wait to vent my thoughts.
The hammer with long tail across major indexes yesterday eluded the bulls and bears alike. I broke many rules just in time for a day where there was blood on Wall Street.
- I exited my bear ETF’s while the primary trend on the SI is still DOWN.
- I got tempted by the stock tweets on twitter and acted on them.
- I entered a trade the day before earnings.
I was already regreting for violating these rules as soon as the market opened – a big red gap! Later in the morning, the news on Italy breaking down caused the market to crash. And as jinx would always have it, I happened to have significant long positions from yesterday to greet the market free fall.
Through RaginCajun’s tweets, I found iBankCoin.com where I got attracted to TheFly’s blogs. He’s blatant in the use of his language, and I guess that’s what made him convincing to me. He was adamant that WNR will beat the earnings this morning. I followed him. This morning it gap down 5%, and as the market crashed it literally got raped: down 19%.
And I’ve never even heard of these tickers before!
Needless to say, my portfolio is now at or near all time low: under$131,800 as we speak and the day is not over yet. Margin calls probably will make it worse.
Tonight is the AONE earnings. It’s down 9% for the day as we speak. Could be my knock-out punch, or not.
PS. Market is now closed. This was one spectacularly bloody day, with market breadth $ADUSD at -6190. SPY down 4.8%!!!
PPS. The day turned out to be the worst day on Wall Street since the 2008 Financial Armageddon with the Dow down 512. Now I don’t feel so bad.