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I'm posted out for the day. I've done something like three or four already. I will say that it was another good day, and we got away from the "here's a bag of money; whoops, next time, it's gone!" situation. I've tightened my stops, took profits on index puts, and got aggressive on the long side on gold and energy.
If I have the time later tonight, I'll do another post, but for now I'll say adieu. I'll probably be back later………
I am buying energy. Here are the symbols and stop prices for the calls.
COG 40.96
XEC 48.15
CEG 60.68
DVN 92.70
EAC 44.43
EOG 93.93
MEE 58.10
PCU 21.75
Since $SPX seemed so stubborn, I closed my $NDX and IWM puts at nice profits. Early today, I bought a substantial position in GLD calls, and those are already up about 20%. I think the euro, gold, and oil are all headed higher short-term
I also bought a bunch of IWM calls, but this is a day trade only. Although the indexes could move higher over the coming days, I am not going to hold a countertrend index call in this market. No way. And my stop is set tightly at 72.71, the day's present low.
Sometimes when writing blog entries simply for testing, you need to do more than one to get a feel for how it all works.
As of this writing (11:45 a.m. EST), the S&P 500 is refusing to break its critical low. Note the shaded area corresponding August 8th's action with today's.
This could change at any minute, of course. The wise thing to do at this point, I believe, is to review all your charts and make sure your stops are up-to-date based on the recent dip.
