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