We've lifted a good 200 pts off the lows now. The volatility is insane! I have cut my largest positions back to a more manageable size and put on a hedge. I still remain net short- 10 shorts, 2 longs (added one this morning) and a hedge which will come off by day's end.
UPDATE: Make that 300 pts. Unreal! Back to flat on the day. I took off my hedge too early (for a nice profit) and covered a couple other things. Still net short, but to a lesser degree. Stops are in place. Today could have gone better for me as too many profits have been returned to the market gods- like yesterday. But I'm up. A bounce would be just fine with me. Let's all just calm down a bit.
UPDATE II: 400 pts now. I'm gone. Basically flat. Not pleased with today's P/L considering where I was this morning but I'm still up (some). Now that I'm off the train tracks I hope we rally 500 pts from here. Go Bulls! Sometimes the hardest thing to do is admit when you are wrong and at least for this very moment it's wrong to be short just about anything. Hopefully we rally big thereby offering better entry points from which I can further emasculate these bulls.
Off to the beach. Have a nice day.
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