Wednesday, October 6, 2010

Bookkeeping: Sold Yesterday's Index Long Exposure

To lock in gains I've sold the index long exposure I bought yesterday (recall I sold 1/3rd of the SPY calls on the close yesterday).  This is in no way a reflection nor a prediction of where I think the market will be in 3 minutes, 3 hours, or 3 days.  These were short term instruments that were to play a breakout over S&P 1150 yesterday. Since the S&P 500 broke to a small marginal low (below 1158) today I am going to sell to keep the majority of my profits.  For all I know we gap up 9% on the open tomorrow on QE 2 squared cubed.

Profits are smaller than yesterday obviously but still nice.  I was rather hoping for a move to S&P 1170 today or tomorrow in straight up fashion, so I could dump these and turn to the dark side via short index exposure but the market is not that easy; instead it is like a box of chocolates... that you left in your car in error... in July.

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