Tuesday, September 8, 2009

All cash now

Closed out ALL positions. Yeap, no more puts, no more ES, no more ETF's. All gone. I am happy on one hand, and concerned on the other of course. Whenever you close out a position in the loss you have been building for weeks, you get this emotional feel of being afraid to miss the drop.

I should have held to my quote on the right hand side - do not get married to a position, and well, my mistress was Mrs Short for the past few weeks (and months). Of course nothing has changed for me, I am going to continue to watch the market for a short entry, turning bullish is not for me, not after such a strong rally even if it means we go to 1200. Not going to have any part of it.

I will probably be a bit away from the blog the next few days as I get my mind clear and detach myself from an emotional roller coaster ride of the past 6 weeks.

But trust me, will be here daily to check up .... now let the markets drop as I have covered it all =) you know how it goes. You may use me as your new bear market rally end indicator.

25 comments:

  1. you not going to believe what I did today. I went long while I was having breakfast via futures. Only one contract to test myself if I could do it. Avg price was 2 ticks off the low. I closed it out within 15 minutes at break even. Now up a nice amount.

    Something is seriously wrong with me lol

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  2. That finger just itching :)

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  3. hah yeah ...

    seems like we are setting up for a move down here ... get back in? lol

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  4. I am looking for a doji today. If so I will add to EEV. No shorting...

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  5. have to admit, not sure what to expect here. I am a bit mentally exhausted - so going to give it a few days before I get back into it full time.

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  6. ok hit or miss time. If we stay above 103.14 SPY until 2:15PM get ready for more upside.

    I just did a scalp short here looking for this target (will close out regardless).

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  7. what I mean by more upside is a new HOD and possibly a new high this week. EURUSD is dropping a bit which is good for the bearish cash BUT its been up quite strong today so it could just be a mere retracement to let indicators catch up.

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  8. wow just wow ... 103.94 in play now lol

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  9. its quite funny looking at my spy chart. I keep all my horizontal lines (support and resistance) that I draw week after week (yeah makes a busy chart) but yet again I am seeing myself in a situation where I only have one horizontal line left on the upside - got to make new ones tonight =)

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  10. I went short one contract at 1035. stop at 1036. according to Mortie's chart. at http://bostonwealth.net/

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  11. almost same entry for me. 5 min stalling - lets see if we can make a meaningful move down at least a few points. But based on what I am seeing, stepping day yet again and should close at the highs. I am thinking we may even make a new SPX high for the year today as many bears cover.

    Such low volume is just the perfect squeeze ...

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  12. Mortie's red arrow show 1028 and bounce back up. I intend to cover at 1029. Little at a time. How does future expiration work? same as option or you rollover to the enxt month? I am learing the mechanics. Can you invest in a long term future similar to option or all the play is around the next month? Thanks Chris.

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  13. just buy current ones and roll them before expiration. the further out ones have bad liquidity. So when I keep them longer as IT positions I just cover/sell, or sell/buy for next one.

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  14. covered here. Not looking like anything will come out of it. Yeah we may get a retracement but its possible we go higher first before some profit taking occurs.

    And remember, its a stepping day, so minimize all counter trend trades and get it out if it does not do what you think.

    We can always get it later ....

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  15. Luckily followed your plan and made small change at 1033.50

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  16. you think we topped here or you see HOD yet to come?

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  17. asking myself the same question. The important thing now is being able to differentiate between a simple retracement as we are quite overbought or a trend change.

    We made a new high on NASDAQ, SPX yet to follow. Dollar low - honestly, I am not sure anymore. Yes a significant top takes a long time to build and this could be it. If we close in the reds today of course I would feel a bit better, chances are definitly there.

    Short term wise, at this point I think the HOD was made and we start some type of retracement, the question remains, is it a retracement to go higher? or is it a trend change finally ....

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  18. well, here we go, now just give me a red close and all my puts are coming back on.

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  19. it is following the red arrow path drawn by Mortie. 1020 is in the card.

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  20. a bounce to may be 1033 and down to 1020

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  21. I am thinking double top here ... will post some reason behind it after the close. Just added some puts back but also long ES just now as a hedge in case they ramp it into the close.

    If they do, I can get out break even, if it goes lower I stop out of ES and let the puts run for another few points.

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  22. ok 3:15pm - magic time to initiate a sell off. I am slightly down but glad I took my ES long here =)

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  23. puts around 75% hedged, around 8% invested so this is a small try for me to make it work =)

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  24. well did not work out as planned lol. Minimized some puts again, closed out hedge by hand (closed because I got rid of some puts). So 4% invested now short - tiny =)

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