This image represents my trading day so far:
In other words, I have trimmed risk. Specifically:
- Overall bearish positions trimmed from 45 to 35;
- No bullish positions entered;
- Options portfolio UNTOUCHED – indeed, I’ve added to my SOXL puts;
- Trimmed one short portfolio from 187% to 130%;
- Trimmed another short portfolio from 137% to a mere 56%
- Have re-examined all remaining positions and set appropriate stop-loss levels
- Overall damage across all portfolios is 5%
The equity futures are up generally between 2% and 3% because, in spite of clear denials from Iran, the market seems to be generally taking Trump at his word which is………..odd.
Speaking of which, the writer in me just can’t stomach the poor grammar and spelling anymore. Thus, allow me to take this……..
…….and provide it properly:
I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East. Based on the tenor and tone of these in-depth, detailed, and construction conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions. Thank you for your attention to this matter! President Donald J. Trump
These ridiculous counter-trend rallies tend to last until early Wednesday, so I’m probably going to be taking it easy for a while. This is a fascinating market, and in spite of this morning’s mega-rally, I am exciting about new opportunities coming soon.
