Sell Sell Sell! #SassyMusings 6/24/14

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  • Well it was bound to happen. Can’t make money everyday. Well maybe you can, but I don’t.
  • I’m kidding by the way regarding the title.
  • Got stopped out of several stocks today. Some still in profit and some for a loss. The ones I think I mentioned yesterday I am basically all out of now. GOOGL and DDD were profits (well actually I took a small loss on the DDD that I rolled into, but overall was a very profitable trade). JPM was a loss. Still holding FSLR from way below and already took half off as of yesterday. I also made a bit of money on BIDU today, but lost money on TRLA. I’m all out of both now.
  • I have only a few positions on now and one of them is FB puts. It’s mostly a hedge to the longs I do still have. The reason I went for FB puts is because of this. fb.6.23
  • The sell off was a bit extreme today so I would not be surprised to see a gap up, but I would be surprised if it was a huge gap up. I also think a gap up has a good chance of being sold into.
  • I DO NOT think that was the so-called top. I think this is a normal healthy pull back that will offer a good opportunity to buy.
  • I think that we will go lower before going back to the highs we printed today. Yup that means I’m short term bearish. I’ve said all along I will ride the trend till I see evidence to stop riding it. Well I feel we go that evidence today.
  • Also, just as I outlined in my post This Time is Different, if everyone knows something it usually doesn’t work. So everyone knows we will have quarter end mark ups? Well maybe this quarter we won’t.
  • I’m not going to do much shorting in this market. Maybe a quick scalp here and there. Instead I will wait for a good opportunity to get back long.
  • Chart of the day: SPX holding the 10-day…..for now…..Screen Shot 2014-06-24 at 4.03.46 PM
  • Tweet of the day: Finally one that made me laugh. Screen Shot 2014-06-24 at 3.51.58 PM
  • Regret of the day: You’re probably thinking that my regret is that I didn’t sell everything before today’s sell-off, but really I’m not counting that cause that wasn’t a mistake of mine (in my opinion). If I said I didn’t stop myself out of my longs then that would be a regret.

Have a good evening. Have a drink if you got stopped out of stuff and lost money today.

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