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I took profits on my index puts – – half earlier today when the market was weak, and the other half by being stopped out. It came out OK, although obviously I gave up a portion of the profits that I had yesterday at the close.
At this point, I'm more comfortable with the Russell than the S&P as an index short, with a stop at 739.92.
I say again, I've been burned by premature purchases of oil/metals/ags, so I don't offer this carelessly: there are some charts that look pretty compelling as longs for a little while, with the caveat that I strongly believe these sectors are in a major bear market and will resume falling after a bounce.
ANR 62.15
FCX 64.89
AEM 43.44
BHI 60.24
ABX 26.60
DRQ 42.14
FWLT 33.10
OIH 151.68
PXP 35.31
TXT 36.95
I have set today's intraday highs as my stop-loss levels for my index puts. As for oil/gold/ags, it's tough – – – there are definitely stocks (like ANR) that look so ungodly oversold that they may bounce. But I've been burned so much lately that I'm very cautious. Continuing to look at charts……….
This is a bear market. I am a bear. I am going to make a lot of money.
The SPY is behaving perfectly vis a vis the Fibonacci levels. Keep watch.
Mornin'. Holding on to paper profits is nerve wracking. On one hand, I beat myself up for leaving so much cash on the table on the unbelievable bevy of agriculture/energy-related issues that I sold too soon; on the other, I fret about valiantly holding on to my current positions, only to see the profits evaporate. Such is the life of any trader, eh?
The opening bell should see a strong LEH, slightly stronger OIH, and a modest bump up in equities. Let's see what happens after the first half hour shakes out.
