Interesting day so far!
I went ahead and sold my FAZ for about a 5% one-day profit (about $5,000) since, frankly, I'm just a touch squirrely holding a 3x ETF in an environment like this. I am short a small position (10 contracts) the ES right now at a price of 907.50, stop at 916.25, and I also got blown out of FXP for about a $10k loss.
I went through my IRA holdings (that is, the little-bitty, high-risk, all-long positions) and, generally speaking, I like what I see. There are a couple that have run up quite fast which make me somewhat nervous:
I keep tightening up my stops on these longs, but in some cases, I am keeping them on a little bit of a longer leash, since I think the prospects during the coming weeks (and, hey, even maybe a couple of months!) are pretty encouraging. Such as………
As of this writing, my positions (all bought December 1st) in this portfolio are up an average of 23.77%, and I confess (with my head held low) that I've already harvested profits from a couple, even though they didn't get stopped out, which would have made the average higher.
The market continues to be very, very tough to read, and this insane "Detroit bridge" isn't helping. Stay sharp!
