I want to throw the kitchen sink at this market and short it to zero. Normally I would be aggressively re-positioning here but I can't focus. There are too many distractions in my personal life and I need some time to get things straightened out.
I will not be initiating any new positions for now. In the meantime I have a small handful of positions (mostly shorts) that I'm willing to let run for now. I'm up nicely on the day. Once I get my shit together (hopefully soon) I'll be back with a vengeance. Mark my word.
Wednesday, March 5, 2008
March Blues
Yesterday was interesting. At one point we were down something like 220 pts on the DOW. Initially I was up 2% or so until commodity names rolled over. As the market knifed lower throughout the morning though I found myself up just 1%. Frankly I found it frustrating that I wasn't up more amidst substantial weakness. Just sort of had an uneasy feeling about the day.
Sure enough around 3 o'clock CNBS pulled another bailout rumour out of it's ass and we quickly rallied 150+ pts. Such is life as a bear. My gains were erased. Minor losses ensued. My uneasy feeling combined with the reversal combined with support around 12K inspired me to sacrifice positions. Sometimes you just have to throw shit into the fire and clear your head. That's exactly what I did.
Truth is, I fucked up pretty good this last week or so. Presented with great entry points last week I twiddled my thumbs instead acting with conviction and putting capital to work. Sure I caught a couple of nice moves but missed many great opportunities. I've just generally felt uninspired and been distracted by my personal life.
Maybe I'm too comfortable. Maybe I'm distracted. Maybe I'm just full of excuses. Regardless, I've taken a step back and refuse to chase the trades I've missed. It's going to take a solid bounce for me to put money to work. Perhaps I'll be that lucky but my hunch is that I've missed a great opportunity.
As for today, I hardly have enough skin in the game to really give a shit. Hoping the market has found support around 12k for now. More than likely I'll spend my afternoon laying on the beach. Tough break, I know.
Sure enough around 3 o'clock CNBS pulled another bailout rumour out of it's ass and we quickly rallied 150+ pts. Such is life as a bear. My gains were erased. Minor losses ensued. My uneasy feeling combined with the reversal combined with support around 12K inspired me to sacrifice positions. Sometimes you just have to throw shit into the fire and clear your head. That's exactly what I did.
Truth is, I fucked up pretty good this last week or so. Presented with great entry points last week I twiddled my thumbs instead acting with conviction and putting capital to work. Sure I caught a couple of nice moves but missed many great opportunities. I've just generally felt uninspired and been distracted by my personal life.
Maybe I'm too comfortable. Maybe I'm distracted. Maybe I'm just full of excuses. Regardless, I've taken a step back and refuse to chase the trades I've missed. It's going to take a solid bounce for me to put money to work. Perhaps I'll be that lucky but my hunch is that I've missed a great opportunity.
As for today, I hardly have enough skin in the game to really give a shit. Hoping the market has found support around 12k for now. More than likely I'll spend my afternoon laying on the beach. Tough break, I know.
Monday, March 3, 2008
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