My charting the past few weeks hasn’t been an “A“. There’s no grade high enough. I’m thinking Nobel Prize would be about right. As for my trading, I usually castigate myself mercilessly, but I’d say, oh, a B or B- or thereabouts. Not terrible. It seems like eons ago that, last week, they spoke of “narrow tariffs“. What a bunch of bunk.
After the completion of wave two, I sheepishly offered the chart below as a measured move target for IWM, the small caps (without the prices, of course). I thought the green line was preposterous, even for me. NYUGrad actually said it seemed about right. Well………he was right! We just about made it. It wasn’t so insane. So, again, Nobel Prize.
This morning has been unchecked chaos, complete with a puppy tugging REALLY hard at my robe from time to time. I’ve taken a huge quantity of shorts off the table. You know me well enough to know I simply CANNOT have no bearish positions, but at least I’ve gone from literally 130% committed to about 25%. Good examples include EFA…….
……as well as materials, XLB:
As is typical on days like this, NOTHING WAS OPTIMAL! I saw huge profits that might have been vanish, but, frankly, I cannot simply be insane and hope for the best. Like I said early this morning, if you manage to get 5% of the shoulda/woulda/coulda, you’re doing awesome.
God help me, I’ve actually bought some stuff. Specifically, BBAI (don’t laugh!), MCHP, and SLV (below).
In summary:
- I have gone from 17 put positions to 10;
- Of the remaining put positions, I have shrunk them;
- The puts expire MANY months in the future, so tons of time;
- I’ve picked up a few longs;
- I’ve gone from about 125% funds allocated down to only 25%
So, if we crash on Monday, shame on me. God knows I’ve missed plenty of profits along the way.
In the meanwhile, I’ll give my charting a hearty pat on the back.
