Can you believe that, just one month ago, FAZ traded for $115? It nearly went into the single digits today. Down 41.2%! I felt sick selling it at $14, but that's precisely what stops are for: getting you out when it hurts, before it hurts even more!
Those of you long the financials had a fantastic day (or should I say FAZtastic?) My IRA was the only one of my four portfolios to bask in the glow of today's insanity; it climbed about 8% to a new record high.
My hedged portfolio had dozens – and I mean dozens! – of short positions blown out, but it edged down only modestly. My uber-bearish personal portfolio looks like it got into a bar brawl with a dozen angry bulls.
I note with some interest that the /ES spiked up to a high-probability retracement level from the land of 2sweeties.
It's the end of the trading week, and it's been a doozy. Last Easter, I made a remark about the "Jesus-like resurrection" my portfolio was going to enjoy (which it did), but I got some fundamentalists freaking out at me, so I'll avoid comparing my equity positions to J.C. I can say, however, that last spring was a massacre for me, whereas this time I'm handling the updraft far, far better.
I am getting ready for a five-day trip and – – I mean it this time!!! – – Slope is going to become the Slow of Hope. I cannot keep up this pace while trying to have a vacation. I'll do a post before I fly off in the morning, but remember, it is a trading holiday (thank goodness).
