I feel exhausted. Really. But I am glad everything is working according to plan. We are currently in Wave 3 for this move and should see quite a range to come on the downside. The question remains of course whether it will give us another chance to get better positioned for the run down. I will post a chart tomorrow for a better guide. Want to see the overnight action first to see where we will be going.
As mentioned I took some profits today. Closed out some of the lagging shorts I was holding, small chunk of spy puts and some ETFs. Percentage wise I locked in around 25% of the open profits from last week Wednesday. However, I freed up quite a bit of capital in my equities account as I closed out many shorts that did not give me the run I was hoping for - in the greens but not by much.
Just so you can understand my setup a little bit better to see how I am still only dipping my toes:
Futures Account - 50% capital - 0% invested
Equities Account - 40% capital - 80% invested short
Options Account - 10% capital - 0% invested
Regardless of whether or not we see a bit of a rally first, my first primary target is around the 856 range. My dream scenario would be some overnight futures ramp up GS-style with another test at 891-892 tomorrow. If that occurs I will be loading up a bit heavier as I do not expect to see 900 again. The market has a way of ensuring none of us get the position we are looking for unless we are ready to feel major pain. This has been the most frustrating thing for many traders here - me included - so we have to see if we get this chance this week.
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