So, I decided to leave my computer and go for a swim at 2 EST with the market still way up. I return home after the close to find a) things didn’t really finish up very well and 2) my $VZ options are really sucking ass now.
I’ll be damned trying to trade individual stocks in this type of environment It’s funny because I have a strategy for range bound markets and a strategy for momentum driven markets. I have gotten out of my comfort zone recently trying to force a series of trades in individual stocks and have taken on realized losses in nearly every single one. The setups were textbook…just beautiful…but the follow through never materialized…on ANY of them. The $VZ trade was a bit of a reach…and I am kicking myself for not selling earlier this afternoon. I’ll take the loss like a man tomorrow and move on.
Now, what I do like is how the major indices all choked away nice gains from earlier in the session, thus keeping my oversold trade thesis alive and well. Hell, after my bitching and moaning (re: the market “rally”) earlier today, I thought the market was going to run away from me and vanquish a great opportunity to make some money. The early day gains not only scared me out of trying to build (what would now be losing) positions, but also had the added bonus of allowing me to sit back and watch the incompetent turd-bosses in Washington D.C. waste time and money trying to “solve” our debt problems without any significant risk on the table.
More from me later after I have a chance to peruse some data from today. Stay nimble