Greed Taking the Backseat

Today was the long waited relief.   The triangle finally resolved, to the down side.  Given the tribulation, which was necessary for the market to capitulate the bears, I caved in and finally exited a good chunk of my SPXU holding.  I was fully aware that I could be exiting early per the market psychology, but after getting jinxed of missing the previous exits at the correct 200 day MA, I had to do it.   I exited some at the 200 day EMA of 123.00, some at 50 day EMA of 122.50, and finally some more at the confluence of support — the November low (horizontal green line) and the previous broken up trend line (green line).   That’s 1,200 shares of my 4,000 shares.  I’m done for the day here at 1:50 pm because if the price continue lower, I shouldn’t sell more; and if it rebounded from here, it’s too early to add.  2,800 shares of SPXU is still a significant stake.  At this point, I only wanted to cut my loss.  Today my loss was cut in half.  I felt my action today was well justified.

Earlier day trading (click here) also went well.  Good day.

Portfolio Value: $129, 500

 

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One Response to Greed Taking the Backseat

  1. Frank says:

    I covered some shorts too, but hold for SPX =1170, target of triangle breakdown.

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