Well, I’ve done a lot worse than this before. There’s no doubt about that.
I came into the day with the entirety of my IRA account in one and only one thing: short-dated GDX calls. This is very unlike me. I usually spread my risks, and I usually am so nervous about what’s going to happen that I only buy options with MONTHS left to go. And yet here I was, with 100% of my account in call options had seven trading days of life left. I did a premium post about this to our Gold and Platinum members yesterday, and I did a follow-up post today after I went screeching out of the position with a fat overnight profit. Maybe I closed too early, but I don’t care.
I then took the entirety of those proceeds and rolled them all (again, 100%) into short-dated (again, next Friday expiration) options. This time, they were SPY puts, which is more of my wheelhouse. At the same time, I did a post which boldly offered that we might have topped out. I’m not going to declare victory just yet, but let’s just say that, at least for today, the timing was damned near perfect.
Looking at the daily SPY chart, you can see that, once the closing bell rang, we were left with an absolutely delicious shooting star pattern. Tomorrow morning, an hour before the open, we get the jobs report. I will go on record here and now that if we gap down, thus creating an island reversal pattern, I will be prepared with a fresh pair of pants nearby.
So things have been going well. And in my devil-may-care virtual account, I’ve crossed above $8 billion, having started with the same $100,000 everybody else did.
With that kind of scratch, maybe Elizabeth will finally have an interest in me. Or, better yet, her mom.