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This is going to be my last post for quite a few hours, as I have many other matters to which I must attend. I hope you survived (maybe even thrived, but that's almost impossible) on a day like this. Here's an interesting similarity. An EKG of a normal heart:
And today's market, which probably caused some serious heart attacks:
Insane. Today is insane. To get a sense of what I'm buying, keep an eye on the Long Positions in the Watch Lists.
This is ancient news when measured in SlopeTime, but we've cracked below the year's lows on the S&P. This is big news. Next target are the lows from October 2002 (about 65 points lower than this moment). I've made a lot of green from ES shorts today, so I'm feeling better. Except that I'm suffering from severe comment withdrawal, having not viewed them for about the past ten posts.
My ES short is acting as a good salve against earlier losses. But the cold fact of the matter is that I got stopped out of nearly a million dollars in SDS, FXP, and EEV positions at bad prices first thing this morning because I set my stops way too tight, and all of those positions are substantially higher right now.
It's all about psychology. I shot myself in the foot, and I allowed myself to get rattled. As I've said, this is a super-hard market to trade. Mon/Tues/Wed I traded marvelously. The first hour this morning I traded it like a blinkered fool. I think I'm back in the saddle again, though. I intend to end this day in the green.
Stay strong, bears.
