Nightmare Came True

My nightmare came true today – actually worse than I could imagine.  After being fooled by the market in the previous session, the market never looked back with SPY up a whopping 2.90% for the day.  The buying was relentless, making the day excruciatingly painful.   Even though I think the market will eventually correct, but the mere fact that it will now take a while before my portfolio value get back to what it was last week puts me into mental abyss.

It is defeating that I am out of sync with the market all too often.  When I wanted to short on the way down during the July, the market never bounced to give me a good entry point.  When the market bounced in early August, I only accumulated a small fraction of my intended position before it “prematurely” crashed back down.  As the market retested the July low, I was afraid to take profit fearing the market would make new lows.  Now that I was tricked to double my position, the market made up its mind to go back up for real.

I’m now more than 60% short having added today on testing the August high.  My portfolio was down some $6,000 today, making an all time low.  And by any measure, the market is now targeting higher.  Take your pick: the 50% Fib line, the pattern projection (blue rectangle), the 50 EMA, or the neck line / 200 EMA.  It’s quite depressing.

Portfolio Value: $125,000

This entry was posted in Jinx, Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s