Well, I think I finally have my head back on and I have a plan in place. Today I sold half of my DOW puts and plan on selling the rest tomorrow. I think tomorrow will be down at least another 100 maybe 200.
That being said, however, I also did not see any panic anywhere and this thing could go sideways to slightly up in the next couple of sessions. In any event, this is not the big down draft I am keeping a watchful eye for. Not sure when that will come, but the buy the dipsters will prevail one more time. Too much recent past success in doing so to stop now....I know about this...just look at a BNGO chart sometime. There is a terrible story in that chart about buying gaining 20% and then buying again and gaining another 20%. Eventually it becomes like a drug you just cannot let go of....until it is too late! That drug is being taken by many and I hope I am over my addiction. Anyway, I see this mentality exhibiting itself again and we shall bounce from here. Maybe the extreme BNGO losses have taught me a hard earned lesson and I will benefit from it. I think Beebs and I could share a couple of beers and many sad market stories. <<gg>> I would be sure that if that were to happen it would be a very morbid scene.
I would suggest maybe a bounce to mid 9,000 range (meaning 9,500 or so) and then a real nice hair-cut. Anyway, the plan I have in place is to dump the other half tomorrow for a nice gain on the overall position and then purchase some ALYD which is reporting on THURS and should have great revenues and earnings. Once the news takes that higher I will exit that, probably by next week and then take another look at where this market is heading. Hopefully, the timing will work out and I will be back in some nice greenbacks come time for the second move to the downside...which shall be a dilly! :)
Now if I could only learn to be a bit more like Barbara and take my time on entry. That is the other drug I need to purge from my system. The thought that the market simply will not wait for me. In this game you either learn from your mistakes, the mistakes of others, or you simply drown. You want to be a trader....better learn some very basic rules or you are just a gambler.
-Scott
PS - Anyone got a PFD (personal floatation device) they can loan me???? |
