Boy - I hating losing and it occasionally happens, as my shorts are blowing up all in my face. LVS is up another $1 in premarket and RCL is up strongly as well. Some when I mess up this badly, I go back to see what I did wrong...When the SPY was at $104, I figured we had at least a 3-5% correction due to overbought conditions and other variable I see and possiblity a 10% full correction. Well last week, we corrected 3% by thursday and I was up heavily on my shorts but made the mistake by not coveringa any other them - which was the biggest flaw. I should have covered, at mininum, a 1/3 of my shorts because the osillators, particularly on the NASDAQ, were in oversold conditions. Instead, I got greedy, thought we could get another 2-7% off and as a result, i am down horribly on my shorts and overall for the month, which pisses me off to no end.
Now I must reassess, not panic cover, and determine my next move. If the sentiment gets bullish again, I will cover all and go 80% cash in both portfolios - no shorts and only 20% long. I am not pissing around with this market and I don't feel like getting crushed if we drop 100 pts on the S&P. I will hope for a 10a fade but I am not betting on it. Also look at movement in gold, if things are so good, why is gold $1,000 an oz?
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