I have roundly castigated myself for taking the bait with this morning’s enormous counter-trend rally. I denied myself profits and prematurely exited positions based on nothing except fear (or, if we’re being very kind, risk-aversion). In fairness to me, this morning’s rally was the BIGGEST by far since Tuesday’s peak, but all the same, the nearly 300% gain I see in those SPY options I dumped kind of stings.
I haven’t been sitting in a corner crying, however. The situation for myself is as follows:
- As mentioned in the prior post, my options account was untouched, so I managed not to screw up that one;
- I have beefed up my exposure not to crazy levels, but definitely back into positions I should not have dumped in the first place
- For the VERY short term, I have some very large ETF positions with tight intraday stops just to try to harvest some extra profits to make up for my fumble earlier today.
In the interest of full disclosure, here are all my options positions which, as you can see, expire no sooner than June.
