And the correct answer is......that there is no wrong answer my dear readers. If you are bearish, you could be glad with the fact the markets were unable to hold on to their initial gains for second day in a row. If you are bullish, you would be pleased with the fact that even after the huge run up in the recent weeks, this market just refuses to go down. Take your pick.
Personally speaking, I had a decent day today. I got out of half my FAZ position at 13.05 early in the day. I decided to hold on to half my position as I didn't like the market action even though the market was up around 50 points at that time. So, I decided to get out of my remaining CSE position too at 5.88 for an average loss of ~1.5%. I hadn't liked the AH action in this last evening and this was another reason why I decided to sell it. I was in MTG, NEP, FAZ and SDS at this point. Having reduced both my long and short positions to comfortable levels, I decided to simply step away from my trading screen for the rest of the day. However, I did catch the market action again in the last half an hour and added to my MTG position at 10.02. I had posted about this stock a couple of days ago and it was up over 12% today! Hope some of you readers profited from this too.
I will be back this weekend with trading results from this week, my thoughts on what to expect next week and also a new watchlist.
Have a nice weekend!