I personally got massacred on my shorts in S&P Futures, $MON and $FMCN. Thankfully, I cancelled some of my shorts in other high-beta names, like $EWZ, or $SINA, and squared a few of my shorts in the Hongkong index. There’s a story here. You may be right in your thoughts, but timing and execution is important. All my stops got hit, and those were pretty wide stops. I’m still licking my wounds – gave up all those gains made a week ago. Bah. Risk management kicks me in my shin again. Back to square one/half for the month.
The question now that we just surpassed the 50 day moving average in the S&P 500, do we consolidate and go higher? touching 1200-1215? Or do we find this a pit stop to turn back in the usual trading range?
Below are some of the pictures and charts I wish to share:
Via Eddy Elfenbein – S&P 500 breaks the 50 day moving average. — so this is the shortest bear market?
RT: HCPG On the way down market wouldn’t let longs out, and now won’t let shorts come up to breathe. V market
The EKG of a Crash- Semblance of 1987 and 2011 via Market Anthropology
*Honestly, I don’t think the shorts in my $MON,$FMCN were bad trades at all. It simply was a bear raid. Salute that this rally’s strength has lasted for more than 5 days without any pullbacks or congestions. V rally.
I don’t know what happens. Ignorance isn’t bliss. It is expensive, so place those stoplosses in whatever you’re trading!
Also, that featured image rings so true. Faith truly is the arrogance of ignorance. If one’s wrong, one simply takes the loss and goes to sleep. Good night folks!
– Faceless Trader, sidelined licking wounds.