well, retail numbers were worse than expected... and guess what. The market actually LOGICALLY reacted to the news NOT ignored it.
I was a bit bummed that i didnt pay more attention to TAN. Should have sold it at 10. I end up breaking even... despite this last huge rally. Safe to say I will not use TAN as an energy play again - unless volume get >1.5M... which i have never seen.
I used the proceeds of TAN to get some M puts that expire in 2 days. The market will be tested from here on out and may look for a bottom faster than I anticipated. I was thinking the S&P would get up to 1050. That might not be the case.
Thus, if the market finally decides to head lower according to news and NOT Govt hype, then my portfolio will be resurrected (as I thought it would)
Twitter was down for maintenance today, so there are a bunch of people who are probably lost. I for one only publish if i have an actual trade.
laters...
Wednesday, May 13, 2009
Monday, May 11, 2009
Hurry Up to 1050 will you!!!
S&P continues its upward rally to 1050. Monday again was pull back day/dip buying day. So what else is new?
I just want this market to spike up to 1050 already... being that most of my portfolio sits on the short end.
Alas, my staying to cash prior to FAZ moving from 17-22 in 2 days would have been more prudent, yes? That was some time ago. In fact, I recall Tim of all people talking about this move on the S&P to 1050 before most if not anyone else. I believed him until that dumb FAZ buy... Anyway, my portfolio will continue to haunt me. I have no doubt it will resurrect itself once more.
Some are talking about a 10-20% correction is in the works. Personally, I think maybe a bigger correction, BUT with a huge bear rally of all rallies. And at that time I will commit.... hmm 50%... that would be my diplomatic answer. I have been caught too many times in the wrong direction, and it kills me when I was in the right direction to begin with. HEDGING has never been my strong suit, but in the end, it is a requirement.
See you all @1050 or maybe 1100.
I just want this market to spike up to 1050 already... being that most of my portfolio sits on the short end.
Alas, my staying to cash prior to FAZ moving from 17-22 in 2 days would have been more prudent, yes? That was some time ago. In fact, I recall Tim of all people talking about this move on the S&P to 1050 before most if not anyone else. I believed him until that dumb FAZ buy... Anyway, my portfolio will continue to haunt me. I have no doubt it will resurrect itself once more.
Some are talking about a 10-20% correction is in the works. Personally, I think maybe a bigger correction, BUT with a huge bear rally of all rallies. And at that time I will commit.... hmm 50%... that would be my diplomatic answer. I have been caught too many times in the wrong direction, and it kills me when I was in the right direction to begin with. HEDGING has never been my strong suit, but in the end, it is a requirement.
See you all @1050 or maybe 1100.
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