This is what is officially known as a “Bad Morning,” but at least it’s not a disastrous one. Here’s a quick portfolio update from me:
- Yesterday, as I mentioned, I had two “aggressive” positions (relatively speaking, since they expire in October instead of freakin’ next year) but got rid of one of them (the SPY puts) at a profit since I don’t trust this market (and rightly so);
- When we opened this morning, I immediately closed my other aggressive position, my IWM puts, at a modest loss;
- I also dumped a handful of positions to trim my risk further;
- I presently have 21 bearish positions, none of which expire sooner than 163 days from right now.
- I have transferred a huge wad of cash out of the account back to the safe and boring checking account, just to keep it out of harm’s way;
- Even with that diminishment, I have 21% cash on hand.
See, I don’t do the balls-out, /wsb-style, crazy-risk form of trading. Of course, if the market was plunging now, my profits would be pleasant, but not anything to shout from the rooftops. It’s a two-way street.
(more…)