In a way that mechanical mistake late yesterday worked out for me, because my stop loss in the short of Texas Instruments (TXN) would have triggered today at a higher price than where I sold "at market" late yesterday. I am going to stay stubborn on this name because its a relatively low beta name and while hard to believe, the stock market must go down again. We are starting to see extremely silly things now... I see oil stocks up while airline stocks are up at the same time. That makes zero sense... it is arbitrary buying when people are performance chasing. Panic buying from the same folks who did not want to touch a stock with Jim Cramer's 10 foot pole 2 weeks ago.
I don't have a stop loss in place but we are right below the 200 day simple moving average of roughly $24.70. I put a 3.4% short on. At minimum that gap is going to fill when the market actually goes down for more than 8 minutes.
(just fyi - I sold those SPY calls and edited that entry, as the trade did not go as I planned, we never really broke to new highs for the day)
Short Texas Instruments; no personal position
Tuesday, September 14, 2010
Bookkeeping: Reshorting Texas Instruments (TXN)
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