I apologize for the late update. I’ve been extremely busy over the last week and that has been coupled with computer problems. I finally lost the mother board on my main computer over the weekend and just like most of you was not properly backed up. BACK UP YOUR SYSTEMS TODAY!
Anyway, I am just getting back online and want to let you know what transpired today.
The only trade open right now is the Sept 55 day trade. I have decided to hold this extremely bullish position for now and “fix it” so that I can withstand the capitulation down to ….. I’d say… at least 650 and possibly 630. To do this I bought 200 shares of TWM (the ultra inverse RUT EFT) when RUT bounced (if that is what you can call it) this morning at $56. I will likely sell 1/2 of the TWM near the end of the day and sell the rest when RUT is in the 650 area… if it gets there, or earlier if a hard bounce looks likely.
Currently, the position is down about 500 and the beta weighted position is shown below:
If you are still in the market with “neutral or bullish trades” please, please honor your loss numbers and get out when you need to.
If you are in bearish trades, congratulations. Make sure to book those profits!
That’s it for now, I’m sure it will not be long till the next update.