Hello from Hollywood, where we continue to do Tastytrade Live all day. I’m not exactly bright-eyed and bushy-tailed, having gotten up at 3:30 this morning after a fitful sleep. Here’s what things looked like in the wee hours (take note of Slope in the lower right):
I’ve actually managed to set up a trader’s workstation at a cocktail bar here (!) and have been systematically repositioning my portfolio for what I am hoping is a bounce to 2800. In summary:
- I have trimmed my shorts from 75 down to 35;
- I have increased longs from 0 to 8, including a substantial long QQQ;
- I have overall dropped my commitment from 250% to 150%
If we get some strength in the coming days (however many it takes) and get back to around 2800, I’m going to short everything that has a ticker symbol. My stops on the longs are tight, and if this market is in such sorry shape, it can’t manage a small rally, so be it.