Piss. Me. Off.
Wait, Tim, what’s your problem? I’ll get to that.
First, let’s take a look at the /ES:
Hard V-Turn
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Oh Noes!!!
It’s six in the evening on Wednesday as I’m composing this for publication in the wee hours of Thursday morning. I have no idea (obviously!) what the markets will look like at that time, but allow me to share this chart of the /ES for this week to make a point:
Violators Will Be Prosecuted
My annoy-o-meter is pinging this morning, because in spite of a very weak opening, the goddamned market keeps trying to rally past resistance. After its first straight-up attempt, it was beaten back, but as I’m typing these words, it’s trying to pull the same crap on the /ES:
S.O.G.O.T.P.!
Feeling a touch frustrated with this market? You aren’t alone. The SPY has been trapped inside its range for three freakin’ months, meandering without any clear direction except from the left to the right.
The Price of Comfort
I retain stop-loss orders on all my positions. On occasion, fewer than ten times a year, I am facing a really tough morning in which I need to decide whether, one, just to grit my teeth, let a portion of the positions get blown out by their stops, or two, delete all the stop orders and re-enter them with the hope that the worst of the buying will be done soon after the market opens.
Today, I decided to just let the stops stay in place, and the result was that I got zapped out of some of my positions at pretty much the worst prices of the day. This psychological “insurance” cost me many thousands of dollars. It would have been better to have just strapped on a pair. This was a $10,000 insurance premium that was valuable for about five seconds.
