Yesterday morning, it took every single morsel of determination I could muster to execute what, to my eyes, looked like the perfect trade. My self-confidence at the time was approximately 0.00, but my rational side managed to best my emotional, so I purchased “in size”, as they say, March 15 2024 $68 puts on the XLU at the point I’ve marked. It was one of those rare times when the timing was perfect.
Here, just a day later, the puts are up 53%, and I’ve sold one-fifth of my position, which I am certain I will regret. Like I said, Wednesday put my self-confidence (and self-esteem) through a hamburger grinder, so I’m happy to take profits as a salve. It isn’t rational, however. This remains one of the greatest short setups I’ve ever seen.
I’ll tell ya one thing: a day like Wednesday revealed to me quite clearly who my friends and enemies are here. Sadly, a huge part of my brain is dedicated to such pettiness, and I have a long memory. All the same, I’m grateful for those among you who are mensches. (NYUGrad, Babybear, Rick1402, Violet, TNRev, et. al.)
Onward!
