Managed to sit on my hands all morning today and was so happy about it. This market is just to strange for the amateurs like myself. All day watching the super good guys pulling in racks of cash off all these strange inverse and reverse and this verse and that verse doubled, tripled, quadrupled....whatever. These guys are good, no doubt about it.
So come along late in the afternoon and things begin to drift downward, picking up momentum as it slides. I have been watching GMCR for awhile looking for a pullback and good entry and got one today. Then I got a little "fancy", against my better judgment, and bought some IYR puts as they broke resistance speeding downhill. Set my limit back .10 and still picked it up starting even. A no lose trade. ( except commissions at the very most) Figured I could sell it at the end of the day, if it lasted that long, cause I certainly don't want to hold that one overnight.
The market turns back up, wait a few ticks to make sure it's not just a fake, annnnnddddd close!!
Close. Close. CLOSE. Close, close, close close sh..! I was out of day trades. Couldn't believe it. Now I remember Friday I got stopped out and forgot about it. Used my last one. Didn' even check, wasn't paying attention. Now I'm stuck with it till the morning and as of right now, around midnight, futures are not my friend.
So never ever ever buy a stock, future or option without leaving yourself a way out.
Still long Crude via UCO
Lots of really Mayan ruins around here and across the border in Chiapas, Mexico.
