Market Dumped and So Did I

I think it was our congress’ Super Committee impasse of the spending cut that triggered the super dump.  I knew I should have had more greed last Friday and kept more of my SPXU, but that was just how I acted out my resentment toward the jinx that is determined to follow me.  In a way, I knew I would leave much on the table but I reconciled ahead of time.   It was my way of protest with respect to how I was misled by Tradestation’s compromised 200 day EMA.

Today I dumped 1/3 of my remaining holding of SPXU at the SPY confluence of support around the 119 area:  the 200 week EMA (119.06 per Tradestation vs. 114.89 per!!!) and the lower channel line since October (see 60 minute chart below).  I acted on Tradestation’s 200 week EMA, despite the compromised historical data, only due to the confluence with the parallel channel support.

It’s only mid day, but I think I’m done for the day.  Only 2,000 SPUX (in trading account) and 1,000 SDS (in my IRA) remaining.

Portfolio Value: $131,500

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4 Responses to Market Dumped and So Did I

  1. GreedyKojiro says:

    Probably you missed my question I asked during Cobra’s intraday. But I found the answer in your blog 🙂 I’m glad to see another nice execution of yours. Did you leave at mid-day? Or you loaded back some short at close? I loaded TVIX back at close. I think we will see a lower low tomorrow which is the chance for me to unload all TVIX.

  2. Sorry I missed your question. I found that forum very hard to follow. People are not particularly courteous either. Fortunately Cobra now twits on twitters.

    No, I did not do much last Friday, though I did add 500 SDS to my IRA account, and sold them today. I do much better with my IRA. I’ve flipped SDS successfully so many times that I’ve lost track.

    For my trading account I would normally reload, but I’ve been on “rehabilitation” mode and have been playing defensively to avoid acct blowout which came VERY close in October.

    I took a nap after posting around 11:30 am, (I’m sick btw), and when I woke up and saw SPY retraced the magical 76.40% of the intraday range, I added a token 100 SPXU just to put out my temptation for any sizable reload. In October, reloading was what killed me. I’ve made up my mind to just ride it down with the diminished holding, unless market has a *sizable* rebound where I can reload some of my SPXU. As I stated before, I am just trying to reduce my loss for the year. I’ve conceded defeat on the overall SPXU trade.

  3. GreedyKojiro says:

    I will have to learn this from you. I have a bad buying habit. I still have it now, but I get more defensive so I use stop loss right away. Doing that I won’t miss out if the share rallies. But if the share dives, I only lose a little. Yeah, take good care of your health and rest well. We’ll ride the waves tomorrow 🙂

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