Quite the morning so far, eh? It’s only 7:20, and I’m ready to call it a day. All this mayhem, honestly, I could do without.
Here’s where I am at:
- Have trimmed from 200% short Monday morning to maybe 75% short now. In other words, I’m not even using all my cash buying power. I am still “in the game” with 30 shorts, but I’ve definitely pulled WAY back.
- I have watched with some dismay at some of the puts I sold yesterday leap another 40-60%, but what can ya do. Hey, at least my entire net worth isn’t in XIV, right?
- I now have to do what I am absolutely awful at, which is be patient. The market is going to be very skittish now, so a “fight back” to decent shorting levels isn’t going to easy.
- Importantly, Dennis Gartman called for a big bear market last night (around the lowest levels of GLOBEX trading, naturally), so that gives me some confidence I’ve made the right choice.
